From today, all users will be prompted to update their Acorns Australia app, after which they will see the new Raiz Invest brand, logo and colour scheme. The website will also reflect the new name and branding.

Raiz Invest Managing Director, George Lucas, said: “Today marks another significant milestone in our company’s history with the name change from Acorns Grow Australia to Raiz Invest.

“After our recent agreement with Acorns, we felt a new name was an important step forward. The change reflects our new autonomy and our ability to move quickly to develop and implement product improvements that are responsive to our customers in the Australian market. This resulted in our recent announcement of the introduction of a superannuation product.

“Whilst our users will not notice any immediate difference to the way the app works, they will start to notice a product that becomes more tailored to their unique needs, with changes based on the feedback they share.

“Since launching Acorns Australia in 2016, more than 460,000 people have signed up showing that Australians want the confidence to know they are in control of their finances and are doing the best they can to achieve their financial goals. Through its philosophy of automatically saving and investing small amounts on a regular basis, Raiz, is enabling this financial confidence.”

The same Australian team that has been operating and running the successful Acorns Australia platform, investment strategy and customer care, continue to do so for Raiz Invest.

George Lucas said: “Whilst our name has changed, our commitment to improving the financial confidence and literacy of Australians remains the same. In the coming months we’ll continue to share improvements and bring new products to market that help our customers save in the background of life.