Acorns Launches Simplest Way To Open And Fund A Retirement Account

Acorns Later follows successful acquisition of Portland-based fintech company Vault

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Apr 25, 2018, 11:43 ET

IRVINE, Calif., April 25, 2018 /PRNewswire/ -- Acorns, the nation's fastest-growing micro-investing app with 3.3 million investment accounts, has launched Acorns Later, the simplest way to open and fund a retirement account. The launch marks Acorns' first tax-advantaged product offering.

"Setting up a retirement account is confusing and, as a result, two out of three Americans aren't saving for later in life," said Noah Kerner, CEO of Acorns. "Acorns Later removes friction from the decision making process, getting back to our central product philosophy: make big decisions small."

Acorns logo. (PRNewsFoto/Acorns Grow Inc.)

Acorns Later is designed to work in the background of life, automatically recommending a retirement account and portfolio for customers. Based on an investor's age, income and other factors, the app suggests a portfolio in one of three individual retirement accounts-- Traditional, Roth or SEP. In keeping with its founding principle that acorns grow into mighty oaks, Later accounts can be started with as little as five dollars. Customers can effortlessly set recurring contributions by the day, week or month and have the peace of mind that their portfolio will rebalance over time.

"We joined the Acorns team to offer more Americans a simpler way to save," said Randy Fernando, Founder and former CEO of Vault, who is now Managing Director and Head of Investment Products at Acorns. "Today, it's exciting to see everyone working together to create another solution to help the up-and-coming grow their wealth." Acorns plans to double the size of its Portland office through the recruitment of engineers, product developers and customer support representatives.

Acorns Later is available for $2 per month as a bundle that includes the full suite of Acorns automated tools - Round-Ups, dividend reinvestment, automatic rebalancing, Found Money and its education platform Grow. This pricing is available for anyone up to $1,000,000 invested with Acorns. For more information, visit https://www.acorns.com/acorns-later/.

About Acorns
Acorns is the leading micro-investing app in the U.S. Its easy-to-use, mobile-first technology makes it simple for anyone to set aside and invest life's spare money. Acorns allows customers to automatically invest in a low-cost, diversified portfolio of exchange-traded funds offered by some of the world's top asset managers (including Vanguard and BlackRock). Customers grow their wealth in one of five portfolios constructed with help from world-renowned Nobel Laureate economist Dr. Harry Markowitz. Acorns smart portfolio algorithms automatically work in the background of life, helping users build wealth naturally, pennies at a time.

From Acorns mighty oaks do grow.

You can access Acorns simply and easily via the app for iPhone, Android or desktop. Visit Acorns.com for more.

SOURCE Acorns