Acorns is the fastest growing micro-investing app in the country. It relies on a round-up savings and investment system. The app rounds up the amounts of purchases to the nearest dollar and then invests the difference in exchange-traded funded that it manages for its users. It boasts 2.4 million investment accounts and continues to grow. Acorns today announced its integration into PayPal, the integration will help the latter’s users to grow their wealth.
For example, if the customer purchases a latte for $3.99, Acorns will round up the amount and it would invest that penny into an ETF. Users add their credit cards to Acorns for automatic micro-investing. The app is targeted at millennials to help them grow their accounts in small amounts through different sources.
It has been on PayPal’s radar for quite some time now. The payments giant led a $30 million strategic investment round in Acorns with the Rakuten FinTech Fund just last year.
When users log into their PayPal account, they will be able to link their Acorns account form the PayPal home screen. Once their accounts are linked, users can transfer funds, monitor investments, make withdrawals, and also manage their account from the PayPal website and mobile apps.