Micro-investing app Acorns has been named Australia’s Best Tech Innovation at the 2016 Finder Innovation Awards.
The inaugural awards, launched by comparison website Finder, aim to recognise and acknowledge the most innovative uses of technology across Australian financial service providers, telecommunications companies and online stores.
Winners were announced at Sydney’s Doltone House, Hyde Park overnight (Thursday 10 November), at a gala event hosted by James O’Loghlin, presenter of The New Inventors.
Acorns was shortlisted in two hotly contested categories – Best Tech Innovation and Best Personal Finance App – with each category judged by experts from Finder and a guest judge.
The app won the Best Tech Innovation category against a number of high-profile competitors including CommBank, Macquarie Bank and Cash by Optus.
“There’s certainly a gap between interest and action when it comes to young people engaging with the investment market,” Acorns Grow Australia Managing Director George Lucas said. “Many 25-29 year olds indicate a high level of interest in learning about an easy way to get into investing but the cost and complexity of the market can make it difficult. The industry needs to look at new ways to help introduce this generation to investment strategies.”
Acorns launched in February this year and has already reached more than 150,000 sign ups, mostly among young people under the age of 35. With such a high number of active users, Acorns has several product innovations planned for 2017, to expand its ability to help people control their finances.
“Acorns is a true innovation that has been applied to solve a critical issue in Australia – saving money,” Fred Schebesta, Co-founder and Director of finder.com.au said. “I applaud their Go Live! attitude and I’m super proud to see their achievements.”
Lucas says the award speaks to the important role Acorns plays in growing the financial literacy of Australians.
“Our mission at Acorns is to help Australians start early, invest often and reach their financial goals – a single dollar at a time,” Lucas said. “Technology is the enabler, and we’re always looking at new ways to help people meet that ambition. Our hope is that all Australians are able to use FinTech as a way to enter the investment market and kick-start their savings.”
For more information on the awards night, visit https://www.finder.com.au/innovation-awards
Acorns 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.