The firm previously lead a $30m funding round for Acorns in 2016, and is now reinforcing that relationship with an official in-app integration. PayPal users will now be able to round up their purchases and invest the change in ETF portfolios via the Acorns platform, setting up either one-time or recurring investments funded from their PayPal account.
Users will also be able to monitor their Acorns investments from inside the PayPal app, checking their account value and managing any recurring contributions and transfers.
It’s the second big announcement for start up Acorns this month, after it bought the Portland-based retirement fund developer Vault to support the platform’s new pensions product, ‘Acorns Later’.
After this most recent integration into the PayPal products sphere, Acorns will now be able to claim 2.4m potential new users in the US.
Noah Kerner, CEO, Acorns, says: “PayPal and Acorns are both committed to helping the up-and-coming achieve their financial potential — together, we see a future where anyone can grow wealth.”