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Acorns the digital savings and investment app has just raised $23m in Series C funding. The round was co-led by Greycroft Partners and e.ventures.
The 8 month old spp has grown to more than 650,000 members, opened over 300,000 investment accounts, processed over 28m trades and facilitated savings of over $25m.
The company does not charge commisions but takes a $1 month flat fee on accounts under $5,000 and a .25% fee on accounts over that amount.
Acorns customers now contributing an average of approximately $100 a month into savings accounts.
On Wednesday, the eight-month old app announced that it banked $23 million in its third round of funding. The new round comes from investors including venture capital firms Greycroft and e.ventures and brings its funding total to $32 million. It has 650,000 members who are mostly millennials. So far, they've saved a combined $25 million since the app launched in August. Not too shabby for an audience that is known to be gun shy about investing. "People generally associate investing with lots of dollars," said Jeff Cruttenden, co-founder and CEO of Acorns. "Once [people] find out that you can invest spare change, it's a really attractive concept."
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