Acorns is set to go public through a merger with a SPAC (special purpose acquisition company).
In Brief:
Acorns helps customers save and invest by rounding up their payments and automatically putting money away.
The business is set to go public at a $2.2bn valuation.
It’s merging with Pioneer Merger Corp, listed on the Nasdaq.
What does this mean?
Since its launch in 2014, Acorns already has over four million subscribers in the US, and is backed by celebrities including Jennifer Lopez and Ashton Kutcher. The deal is set to close in the second half of the year, with an expected cash balance of over $450mn.
