The financial services space has many players in the field moving money throughout the stock exchange. Like a well-oiled machine, stocks are traded all day, everyday, and stakeholders are eager to invest and hopefully double their funds.
Mobile savings and investment company Acorns has a reported two million investment accounts and is projected to complete one billion trades by the end of 2017, which include regular and micro transactions. Given that personal finance giants like Fidelity are projected to do 60 million in the same period, it may be safe to say that Acorns is a financial powerhouse on the rise.
As such, Bain Capital Ventures is putting up another $35 million in its Series D financing round, bringing total money raised to $70 million. With this new cash flow, Acorns is planning to make a few acquisitions, staff up its team and enhance its platform to be more personalized.
Acorns has already started adding to its mobile savings and investment team. One of the bigger name hires as of late is the former chief investment officer of BlackRock, Chris Jones.
Competitors in the space include Stash, Wealthfront and Betterment. While Acorns has raised a significant amount of money, Stash recently announced news of its own $40 million round of funding.
With over 50 percent of its customers using Acorns’ recurring personal finance and savings feature, it may be safe to say that Bain Capital Ventures has made a wise choice investing in this company.