MutualFundWire.com: A FinTech Titan Just Backed a Roboadvisor

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Friday, April 22, 2016

A FinTech Titan Just Backed a Roboadvisor

A financial technology titan is investing in financial advice, specifically mobile-friendly roboadvice.

Walter Cruttenden
Acorns
Co-founder & Chairman

Today Irvine, California-based Acorns revealed the closing of its latest funding round, $30 million in this case, and PayPal is one of the new investors. Acorns now has more than 850,000 users, though its accounts tend to be small.

BusinessInsider, Fortune, TechCrunch, and the Wall Street Journal all reported on Acorn's big news.

Acorns has now raised $62 million over multiple funding rounds. There is no official word on its valuation in this latest round, but as of a year ago it was valued at $83 million and it's likely that the new valuation is higher.

Paypal isn't the only big California tech player that seems interested in roboadvice. In January Reuters reported that video messaging giant Snapchat is developing its own roboadvisor technology. Snapchat reportedly raised another $175 million in funding last month from Fidelity.

Printed from: MFWire.com/story.asp?s=53883

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