Acorns Just Hit This Many Accounts

Investment service Acorns is off to a wonderful start seeing how its new retirement account service has gained 100,000 accounts in its first month.

Noah Kerner, the company’s CEO has said, “If you’re an Acorns customer, within 60 seconds you can open up a retirement account.”

According to Kerner, most of the company’s 3.5 million customers are investing about $50 to $60 per month into their core accounts.

“If someone put $10 into an Acorns account and that was all they ever did, it’s not a great deal,” explained Kerner. “But that’s not what we’re trying to do. We’re trying to get people to save and invest.”

“The types of problems we’re trying to solve is that 70 percent of Americans don’t have a $1,000 emergency fund set up and 66 percent don’t have a dollar saved for retirement. Another 66 percent can’t pass a basic financial literacy test,” he continued.

Acorn has also signed an agreement with BlackRock. BlackRock’s Chief Operating Officer, Rob Goldstein, remarked, “Acorns is a pioneer in creating innovative ways to engage investors in a mobile-first world. By deepening our understanding of how their customers use investment technologies, we can apply those learnings across BlackRock to evolve the products we build for our distribution partners.”