Acorns Acquires EarlyBird, Expanding Offerings for Families

Savings and investing platform Acorns has announced its acquisition of EarlyBird, a platform that allows families and friends to gift investments to children. EarlyBird, founded in 2019, combined financial investing with community and will now shut down as a result of the acquisition. The founders of EarlyBird, Jordan Wexler and Caleb Frankel, will join the Acorns team to help develop Acorns Early, the startup's smart money app for kids.

Acorns Early, which offers a debit card for kids and teens to promote financial literacy, was launched following Acorns' acquisition of GoHenry. Acorns aims to leverage the expertise of the EarlyBird team to enhance Acorns Early and build a comprehensive financial wellness system for families. As part of the acquisition, EarlyBird customers will be offered a free one-year subscription to Acorns Gold. However, they will not be able to transfer their funds directly to Acorns Early and will need to open a new account with Acorns. 

Acorns plans to integrate EarlyBird's digital time capsule feature into the Acorns Early app and has seen a significant increase in customers on its Acorns Gold plan in the past year. The company also raised $300 million in funding in March 2022, although its current valuation has not been disclosed.

Source: Tech Crunch