SYDNEY, 03 March 2016 – Following its official launch in Australia three weeks ago, spare-change investment app Acorns, today announced it has received over 50,000 sign-ups, confirming Australia’s appetite for FinTech innovation.
After amassing more than 26,000 Australian sign-ups in its beta stage, Acorns Australia has quickly exceeded the comparative growth rate it experienced when the app launched in the U.S.
The free app allows Australians to round up their daily purchases and automatically Invest the Change® into a diversified portfolio of ETFs. It has been designed to introduce first-time investors to the stock market and remove traditional entry barriers, such as high fees, associated with the sector.
Revealing local analytics for the first time, George Lucas, Managing Director of Acorns Australia, says the app’s success to date is being driven by young Australians who are discovering the benefits of regular, small investments.
“Fifty per cent of downloads have been generated by investors aged 25 – 34 years. These digital natives are new to the investment game and the app is giving them an easy way to get started. Acorns’ technology levels the playing field, opening up the market to all generations while disrupting the associations pinned to stocks, shares and investing.
“The manner in which Australians have quickly embraced this new way of investing and saving illustrates the power of FinTech. Our success to date supports the Turnbull government’s view on the potential of FinTech to benefit consumers by stimulating competition and driving innovation.
“Before Acorns, first-time investors were traditionally confronted by large market fees, commission and minimum investments sums of around $1000. By simplifying this approach, Acorns enables its users to commence their journey to investment with the minimum balance of $5.”
Australians’ enthusiasm for the app has shown their comfort in providing personal details – including banks logins and credentials.
“The bank-level security ensures that all reasonable efforts have been made to ensure our customer data is secure. This adds an extra level of reassurance to our ever-expanding customer base.” added Mr. Lucas.
For more information on the application or to download Acorns an Apple or Android device, visit https://acornsau.com.au/ for further information.
Acorns Grow Australia Limited
Acorns Grow Australia Limited is a 50/50 joint venture between Acorns Grow Inc. of the USA and Instreet Investment Limited. The joint venture was established in March 2015. Acorns Grow Australia Limited will promote, distribute and provide fund manager services to the Acorns app in Australia. Instreet has appointed Acorns Grow Australia Limited as an authorised representative of its Australian Financial Services License.
Instreet is an independent investment house that works closely with the financial adviser community to conceive and distribute retail investment products. After identifying adviser needs and market trends, Instreet builds customised investments sourcing quality wholesale providers. By doing so, Instreet makes institutional assets available to individual investors. The end result is a range of investment solutions designed to better achieve the goals of clients and advisers. For more information: www.instreet.com.au
About Acorns Grow, Inc.
Acorns is the largest and fastest growing investment app that allows people to round up their daily purchases and automatically Invest the Change® into a commission-free diversified portfolio of index funds offered by the world’s top asset managers. Founded in Newport Beach, CA in February 2012, by son and father team Jeff and Walter Cruttenden. Acorns takes the guess work out of investing and provides a simple entry-point for anyone to get started using the Acorns app on iPhone or Android. The app and financial engine were built with natural human behavior in mind to help inspire realistic investment strategies that can be held for the long term.
For more information: www.acorns.com
0413 390 595