The savings and starting investment of Acorns acquired Earlybird, an investment platform for families, the company told TechCrunch exclusively. The financial terms of the agreement were not disclosed.
As part of the acquisition, Earlybird will close and all customer accounts will be officially closed on June 23. Customer funds will be returned to the bank account linked to their account.
Founded in 2019, Earlybird launched a product that combines financial investment with the community. The application allowed families and friends in gift investment in children, while keeping memories through a digital time capsule. Investments will become the child as soon as they turned 18 and could use funds for things such as college payment, paying a down payment to a home or sowing their first business.
“When we founded Earlybird, we envisioned the creation of a platform that would turn the way families leave enduring inheritances for their children,” said Earlybird’s CEO and co -founder Jordan Wexler in a statement. “The opportunity to join the Acorns not only confirms our vision, but extends our impact on millions of families who are also deeply interested in building their children’s financial contracts.”
Wexler and co -founder Caleb Frankel will participate in the Acorns team to help build AcornsThe Smart Money Application for Children. Acorns Early offers a debit card designed for children and adolescents to help them develop economic alphabetism and manage their money. The company started the Acorns early after Gohenry’s acquisition, a starting start on the provision of money management and financial education services to children aged 6 to 18 years.
Acorns believes that with the attraction of Wexler and Frankel, the company will be able to take advantage of their experience and passion for the space to enhance the oaks early.
“Our vision is to build an economic well -being for the whole family, creating complex growth at every stage of life,” said ACORNS CEO Noah Kerner in an email to TechCrunch. “The shared experiences and ideas between our two teams will allow us to deliver this vision faster and better to create maximum value for everyday American families.”
Existing Earlybird customers will be offered a one -year free subscription to “Acorns Gold”, a plan that offers access to all Acorns products including Acorns. Customers will receive an email that details the registration process.
Acorns note that Earlybird users will not be able to transfer Earlybird funds to oaks early. If users want to continue their acorns investment trip, they must withdraw their funds from Earlybird and open a new Acorns account.
The company plans to incorporate the Earlybird Digital Time Capsule capability into the Acorns Early app later. At Earlybird, the feature allowed users to make time capsules, capturing videos at unforgettable moments in their lives. For example, if a mother received a promotion and wanted to give a lump sum to her child, she could record a video talking with her child to honor and remember the moment.
The acquisition comes as Acorns has doubled its customers at Acorns Gold, the $ 12 subscription plan per month, in the past year.
“Our gold plan will be the place to provide economic well -being for the whole family – products for parents, children and all the connecting fabric between the family unit,” Kerner said. “This will be the place where the whole family can manage their money as they increase smart money habits together.”
Acorns raised $ 300 million in March 2022 and estimated $ 2 billion at that time. The company did not provide updated valuation.
