Micro-investing app Acorns has acquired retirement fund services Vault and is planning to launch new retirement accounts. Vault is now called Acorns Later. While sharing details about the acquisition, CEO of Acorns, Noah Kerner, and CEO of Vault, Randy Fernando, stated:
“By staying true to its mission of looking after the financial best interests of the up-and-coming, Acorns has become the leading micro-investing app in the U.S. with over 2 million investment accounts. Through this acquisition, Vault can seamlessly extend our services to Acorns customers, and introduce our customers to automated investing, earning and growing with Acorns.”
The duo also noted that with Acorns Later they will add an automatic retirement savings account to the Acorns product offering, accelerating their common goal of helping customers create a better future for themselves.
“On behalf of the Vault Team, we are humbled by this opportunity to forward our mission and reach. We set out to do the impossible nearly 3 years ago — build a finance company that could succeed by taking care of its customers. In Acorns, we’ve found a like-missioned partner that will help us grow the right way.”
Kerner also reportedly revealed in a statement:
“Our goal is to make saving for retirement as easy as investing spare change. One in three Americans haven’t saved anything for retirement and we plan to change that. This partnership accelerates our mission of looking after the financial best interests of the up-and-coming by helping people create an even better future for themselves.”
Acorns Later will reportedly be available in early 2018 as a brand new app. Current Vault customers do not need to sign up anything until they hear from the Acorns team about the next steps will be. New customers, including existing Acorns customers, will need to sign up for the Acorns Later waitlist.