As fintech Acorns plans to go public later this year, it has named former Twitter and DreamWorks animation exec Rich Sullivan to serve as its new chief financial officer. Irvine, California-based Acorns announced in May its intent to go public by merging with publicly traded special purpose acquisition company Pioneer Merger Corp. The SPAC values […]
When it is finalized, Acorns will trade on the Nasdaq under the symbols OAKS a nod to the company s motto and analogy of growing acorns into mighty oaks. Now was the time to go public to accelerate our growth and get the tools of responsible wealth-making in everyone s hands as fast as possible, when they need it most, said Acorns CEO Noah Kerner. We just saw this as an accelerant on that journey.
Institutional investors Wellington Management, Greycroft, TPG s global impact investing platform, and funds managed by BlackRock also committed to a private placement as part of the announcement. Kerner and Pioneer s sponsor each plan to contribute 10% of their personal ownership in Acorns as a gift to eligible Acorns customers.
Consumer finance startup Acorns to go public in over US$2 billion SPAC deal Toggle share menu
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REUTERS: Acorns Grow Inc said on Thursday it was going public through a merger with blank-check company Pioneer Merger Corp in a deal valuing the savings and investing app at about US$2.2 billion.
Acorns Grow will receive cash proceeds of over US$450 million from the deal, which includes a private placement at US$10 per share from investors including Declaration Partners, Greycroft, TPG s global impact investing platform and BlackRock Inc.
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Launched in late 2014, California-based Acorns helps consumers invest in stocks and bonds and operates on a subscription-based model that has four million subscribers in the United States.
Consumer finance startup Acorns to go public in over $2 bln SPAC deal reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Acorns’ new fintech target is debt management with acquisition of Pillar
Popular saving and investing app Acorns has acquired Pillar, an AI-powered startup built to help manage student loan debt, in its second acquisition of 2021.
New York-based Pillar helps consumers optimize their debt payments by focusing first on student loans. It launched in May 2019 with $5.5 million in seed funding led by Kleiner Perkins. The companies declined to reveal the financial terms of the deal, only noting that within six months of launching, Pillar managed over $500 million worth of student loan debt of more than 15,000 borrowers.
Michael Bloch dropped out of Stanford Business School and co-founded Pillar after he and his wife had amassed more than $500,000 of student loan debt after she graduated from law school. Prior to that, he had led the New York and California regions for DoorDash, growing them to $100 million in revenue. The problem Pillar has aimed to tackle is massive. Student loan d