Acorns, a fintech startup for investing and saving spare change, announced today that it closed a $105 million Series E financing round, bringing the company’s valuation to just shy of unicorn status at $860 million.
With its investment, NBCUniversal is now the largest Acorns shareholder and CNBC Chairman Mark Hoffman will fill a new board seat. This comes as both companies recently partnered to develop finance-focused content through the Acorns’ Grow website.
Based on data from Pitchbook, Acorns has surpassed its top two industry competitors, robo-advisors Betterment and Wealthfront, which hold $700 million and $500 million valuations, respectively.
According to Acorns, it’s main savings products currently has 4.5 million customers, with an average age of 32 and an income between $50,000 and $60,000. Additionally, the startup’s automated retirement accounts have around 350,000 users who have invested $40 million to date.