Acorns Gets $30M From PayPal, Rakuten For Investing App

Newport Beach-based Acorns, the developer of a mobile app which turns your spare change into investments in an exchange traded fund (ETF), has raised $30M in a new funding round from PayPal and Rakuten, the company disclosed today. The startup, led by Walter and Jeff Cruttenden, takes spare change from a user's debit and credit card purchases--rounding up those purchases to a whole dollar amount--and invests those into an ETF for the user. The company has now raised $62M in funding. Acorns previously raised funding from Greycroft Partners, Sound Ventures, Garland Capital, and MATH Venture Partners. The company has been targeting millenials and other younger users with its app. More information »