Investing a few cents at a time, Acorns eyes $700M valuation

Acorns, the developer of a mobile app that automatically rounds up spare change from debit or credit card transactions to make micro investments, is seeking to raise more than $100 million in a round led by an unspecified large corporate investor, per Bloomberg. The new funding will reportedly give the business a valuation of more than $700 million.

As of July, the fintech business claimed $1 billion in AUM from more than 3.7 million investment accounts. Founded in 2012, Acorns has raised around $150 million in equity financing to date from investors including TPG Capital and its Rise Fund, BlackRock and PayPal, along with basketball player Kevin Durant and actor Ashton Kutcher. The Irvine, CA-based business brought in $50 million in a round led by BlackRock in May.

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