Acorns Will ‘Likely’ Go Public, CEO Noah Kerner Says
Investing and checking accounts app Acorns reportedly expects to launch an initial public offering (IPO), possibly sometime in the next couple of years. “That is likely something we will do in the future,” Acorns CEO Noah Kerner told Bloomberg Television on Thursday (June 20), adding that it could be in the next couple of years, […]
The post Acorns Will ‘Likely’ Go Public, CEO Noah Kerner Says appeared first on PYMNTS.com.
Investing and checking accounts app Acorns reportedly expects to launch an initial public offering (IPO), possibly sometime in the next couple of years.
“That is likely something we will do in the future,” Acorns CEO Noah Kerner told Bloomberg Television on Thursday (June 20), adding that it could be in the next couple of years, Bloomberg reported Thursday.
The company’s app — which offers checking accounts, retirement savings and debit cards and enables users to invest in exchange-traded funds (ETFs) and custom portfolios — has nearly 6 million subscribers, according to the report.
Acorns considered going public once before but called off a deal with special purpose acquisition company (SPAC) Pioneer Merger Corp. in January 2022, the report said.
Kerner said market conditions led to the cancellation of that deal, per the report.
In the meantime, Acorns has “a lot of cash in the bank,” expects 2025 to be a profitable one, and has no plans to raise more money before deciding to go public, Kerner said, per the report.
Acorns launched a new premium tier focused on the family to its savings and investment app in October 2023.
Priced at $9 a month, this tier includes Acorns Early for investing in a child’s future from birth and GoHenry, a financial education app for children 6 and older. Subscribers also get live Q&A sessions with financial experts, $10,000 in free life insurance, a complimentary will and the option to customize portfolios with individual stocks and ETFs.
“We know that people who receive financial advice and support earlier in life are likely to have better financial outcomes,” Kerner said at the time in a press release.
Acorns acquired GoHenry, a U.K. money management platform for younger consumers, in April 2023.
The company said at the time that the purchase marked an acceleration of Acorns’ goals by providing children and teenagers around the world with tools for money management and education.
“GoHenry’s mission driven approach is perfectly aligned with Acorns, which we expect will help us accelerate our roadmap and deliver financial wellness to the whole family through all of life’s stages,” Kerner said in a press release announcing the deal.
The post Acorns Will ‘Likely’ Go Public, CEO Noah Kerner Says appeared first on PYMNTS.com.