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California based investing and savings app has raised $105m in Series E funding from Comcast Ventures, NBCUniversal, Bain Capital, BlackRock, TPG's Rise Fund, and DST. The valuation on the round is $860m, topping Betterment's $700m valuation and Wealthfront's $500m valuation.
rvine, California-based Acorns is best known for saving and investing services products, which have ushered in 4.5 million users. One of its five products allows customers to automatically invest the spare change from debit or credit card purchases. If an Acorns user buys a latte for $2.75, the mobile app would round up to the nearest dollar and put that remaining 25 cents into an Acorns investment account, which is then put into professionally managed index funds. It also has an automated retirement account service called "Acorns Later" that has brought on more than 350,000 investors who have invested $40 million to date, according to the company.
