On Monday, PayPal announced users may now use its payment processing to fund an investment account with Acorns. According to the company, over 2.3 million people around the U.S. are investing through Acorns to help save for long and short-term expenses. PayPal revealed that once they link their accounts to Acorns, users may choose to set-up a recurring or one-time investment funded from their PayPal accounts. PayPal also stated:
“Once your accounts are linked you can easily monitor your Acorns account right from within PayPal — online and in the PayPal mobile app — in order to provide you better visibility as you build your long-term savings. This will allow you to do things like check your Acorns account value, monitor your investment contributions, and manage your recurring and one-time transfers to Acorns right in the moment. This is in addition to the existing feature allowing PayPal users to use the Acorns “Round-up” feature on PayPal purchases, automatically investing the round-ups into a low-cost, diversified portfolio of exchange-traded funds.”
PayPal went on to add that it and Acorns are looking to help democratize financial services and offering innovative solutions to the people typically underserved by the current system. New features are being rolled out to select U.S. PayPal customers and will be available to all U.S. customers by early 2018.