Savings and investing app Acorns has raised $105 million in a Series E funding round joined by NBCUniversal that will also see the entertainment giant's business news TV channel CNBC create financial literacy content for the startup.
NBCUniversal and the venture arm of its owner Comcast are joined by BlackRock, Bain Capital Ventures, TPG’s Rise Fund, DST and MSD Capital in the funding round, which values Acorns at $860 million.
CNBC will hire a dedicated team of about 20 to create financial literacy and personal finance articles and videos for Acorns, building on the startup's own 'Grown' education site. In addition, CNBC will produce features for a cross-company financial wellness initiative "Invest in You: Ready. Set. Grow." that will run across its own platforms.
CNBC chairman Mark Hoffman, who is joining the Acorns board, says: "This partnership with Acorns builds on CNBC’s 30-year commitment to democratizing the financial markets, helping generations invest for their future."
Launched in 2014, Acorns now claims 4.5 million accounts in the US for its app that automatically rounds up PayPal and debit and credit card purchases and puts the extra cents into stocks and bonds.
Noah Kerner, CEO, Acorns, says: "We aim to put the tools of wealth making in everyone’s hands and this includes helping all Americans grow their money knowledge. Collaborating with the powerhouse that is CNBC will take these efforts to entirely new heights for our customers."
Editorial | what does this mean?