The ACORNS savings and investment startup purchased Earlybird, an investment platform for families, said only TechCrunch. The financial conditions of the contract have not been disclosed.
As a part of the takeover, Earlybird will probably be closed and all customer accounts will probably be officially closed on June 23. Customer funds will probably be returned to a checking account connected to their account.
Established in 2019, Earlybird launched a product that combined financial investment with the community. The application allowed families and friends to present investments to children, keeping memories with a digital time capsule. Investments would turn into a child after turning 18 and could use funds for things, akin to paying for college, paying an advance for the house or sowing their first company.
“When we founded Earlybird, we imagined creating a platform that would change how families leave a lasting heritage for their children,” said in a statement the general director and co -founder of Earlybird Jordan Wexler. “The opportunity to join Acorns not only confirms our vision, but also expands our influence on millions of families, which also very much care for building the financial future of their children.”
Wexler and co -founder of Caleb Frankel will join the ACORNS team to assist build Acorns earlySmart Money Startup application for children. Acorns Early offers a debit card designed for children and teenagers to assist them develop funds and manage their money. The company launched Acorns early after taking on Gohenry, a startup focusing on the provision of cash management and financial education for 6-18-year-olds.
ACORNS believes that by introducing Wexler and Frankel, the company will give you the option to make use of its experience and passion for space to enhance the acorns early.
“Our vision is to build a financial biological renewal system for the whole family, creating a complex growth at every stage of life,” said general director of Acorns Noah Kerner We -Mail for TechCrunch. “” Common experiences and observations between our two teams will allow us to supply this vision faster and higher to create a maximum value for on a regular basis American families. “
Existing customers will receive a free annual “Acorns Gold” subscription, a plan that provides access to all ACORNS products, including Acorns early. Customers will receive an e-mail describing the registration process.
ACORNS notes that early bird users is not going to give you the option to transfer their funds to early birds at Acorns early. If users need to proceed their journey with acorns, they have to withdraw their funds from Earlybird and open a recent account from ACORNS.
The company plans to integrate the function of the Earlybird digital time capsule with the Acorns Early application at a later date. At Earlybird, the function allowed users to build time capsules by recording movies in memorable moments in their lives. For example, if the mother received a promotion and wanted to present the child a one -time investment, she could record a video talking to the child to commemorate and remember about it.
The takeover appears when ACORNS doubled his clients against gold Acorns, his 12 USD per thirty days, over the past yr.
“Our golden plan will be a place to ensure good financial well -being for the whole family – products for parents, children and the entire total fabric between the family unit,” said Kerner. “It will be a place where the whole family can manage their money when they practice intelligent cash habits.”
ACORNS raised $ 300 million in March 2022 and at that point was valued at $ 2 billion. The company didn’t provide an updated valuation.