Acorns, the country's fastest-growing micro-investing app with more than 2.2 million investment accounts, has just announced the strategic acquisition of Vault, a Portland-based tech company, which lets customers automatically invest part of their paycheck into a retirement fund.
Through the acquisition, Acorns will launch the first IRA designed for the up-and-coming, Acorns Later. Current Acorns customers can join the waitlist today for access to the new product, which will be available in early 2018.
"It's our mission to look after the financial best interests of the up-and-coming, and two out of three eligible Americans aren't saving for later in life," said Noah Kerner, CEO of Acorns. "This has to change. Don't be intimidated. Don't wait! Later is yours, and it has incredible potential. Acorns Later will help you reach it."
"We're excited to join the Acorns team and offer their customers a simple way to make smarter financial decisions today," said Randy Fernando, CEO of Vault.
The Acorns acquisition was also driven by their desire to open an office in Portland, a growing hub for top tech and engineering talent. The firm expects to hire more than a dozen engineers in the next 12 to 18 months to support its product development strategy.
"I'm humbled that a leading LA-based tech company, whose mission is aligned with ours, is expanding into Portland and bringing new jobs to the area. Portland is a tight-knit and collaborative community. People here want to help other people and are looking for meaningful work. Noah and the team at Acorns share the same beliefs and values as our community," Fernando added.
Vault and its employees will become part of the Acorns team and Fernando will assume a leadership role as Managing Director reporting into Manning Field, Acorns Chief Commercial Officer. The office location in Portland at 1455 N.W. Irving St. Suite 200 will not change as a result of the transaction.
To celebrate the acquisition and Portland community, Acorns will host a holiday event, "Grow Your Oak in Portland," with the tech community, local political officials, and influencers. Date and details will be announced.