Acorns, the number one Fintech app in the United States is now available on iPhone and Android smartphones in Australia.
With well over two million app downloads in the U.S. since July 2014, the free app allows Australians to round up their daily purchases and automatically Invest the Change® into a diversified portfolio of ETFs.
Acorns allows users to invest their virtual spare change into an investment portfolio, automatically rounding up transactions to the nearest dollar when purchasing on a credit or debit card. The app then allocates the spare change into one of five self-selected diversified portfolios.
George Lucas, Managing Director of Acorns Australia predicts a surge in sign-ups if the rapid success in the US is anything to go by.
“We’ve seen huge interest from the Australian market with over 26,000 sign ups throughout beta. 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 $5.00.”
Created to disrupt the traditional stereotypes of the investment industry, Acorns gives first-time players in the stock market an easy way to get started.
“The ethos behind Acorns is using technology to make it easier for people to save and invest. 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. It is also about educating people about the benefits of regular small investments into the market”
Users select one of five portfolios that range from conservative to aggressive portfolios, and pay an annual flat fee of AUD$15.00 for accounts holding under AUD$5,000, less than brokerage charged by many brokers.
The Acorns investment committee includes world-renowned Nobel prize winning economist, Dr. Harry Markowitz, the father of modern portfolio theory. Information obtained by the app is also stored securely on a remote server with bank-level security and data encryption. Nothing is stored on the device, so users need not worry if it is lost or stolen.
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
Louise Halloran Steven Reilly
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