SEARCH
Acorns Grow brings micro-investment app to Aus
Acorns Grow brings micro-investment app to Aus
US-based fintech start-up Acorns Grow has released its micro-investing app, Acorns, to the Australian market, allowing users to allocate "spare change" to a diversified exchange-traded fund (ETF) portfolio.
Following its soft launch in November 2015, Acorns is now available in Australia and enables users to invest their virtual spare change into a diversified ETF portfolio.
Acorns Australia managing director George Lucas said: "The app is perfect for those who know little about investing or don't know how to start. It's about levelling the playing field and opening the market up, particularly to younger generations."
The app automatically rounds up a user's debit or credit card transaction to the nearest dollar, subsequently adding the spare funds into one of five self-selected investment portfolios based on the user's risk profile. An annual flat fee of $15 is charged to users with accounts of holdings under $5,000.
"There's a real excitement about the app coming to Australia, largely due to the fact that it breaks down the barriers associated with investing, such as high start-up costs and being fully invested with the minimum balance of five dollars," Mr Lucas said.
Mr Lucas argued that the app is also educationally beneficial, as it shows the benefits of regular savings.
According to Mr Lucas, the app received 26,000 sign-ups through its beta testing period. In the US, the app has received two million app downloads since July 2014.
The Australian launch is a 50/50 joint venture between Acorns Grow and Australian investment firm Instreet. Acorns Grow Australia will be responsible for the app's promotion and distribution in Australia.
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Broker Daily Business Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
