The swervary and investment startups have acquired Earlybird, an investment donation platform for families, the company told Techcrunch. The financial terms of the agreement were not disclosed.
As part of the acquisition, Earlybird will close and all the customers’ accounts will officially close on June 23. Customer funds will be returned to the bank account connected to their account.
Founded in 2019, Earlybird launched a product that combined financial investments with the community. The app allowed families and friends to give investments to children as they preserved memories through a digital time capsule. The investments would become the child once they had turned 18 and could use funds for things such as paying for college, paying a down payment in a house or to sow their first activity.
“When we founded Earlybird, we imagined creating a platform that would have transformed the way families leave lasting for their children,” said Jordan Wexler, CEO and co-founder of Earlybird. “The opportunity to join the acorns not only reaffirms our vision, but expands our impact to millions of families who also care to build the financial future of their children”.
Wexler and co-founder Caleb Frankel will join the ACORNS team to help build acorns in advance, the Smart Money app for children. Early Acarns offers a debit card designed for children and adolescents to help them develop financial literacy and manage their money. The company launched the acorns in advance after the acquisition of Gohenry, a startup focused on the supply of money management and financial education services to children aged 6 to 18.
ACORNS believes that by bringing Wexler and Frankel, the company will be able to exploit their experience and passion for space to improve acorns soon.
“Our vision is to build a financial well -being system for the whole family, creating growth composed in every phase of life,” said the CEO of Acorns Noah Kerner in one and -mail to Techcrunch. “The shared experiences and the intuitions between our two teams will allow us to offer this vision faster and better in order to create maximum value for everyday American families.”
Existing Earlybird customers will be offered a free year subscription to “Acorns Gold”, a plan that offers access to all Acorns products, including Acorns in advance. Customers will receive an e-mail that details the registration process.
ACORNS notes that Earlybird users will not be able to transfer their first across wanders. If users want to continue their investment path with the acorns, they must withdraw their funds from Earlybird and open a new accounts with the acorns.
The company plans to integrate the functionality of Earlybird’s Digital Time capsules in the Early ACORNS app at a later time. On Earlybird, the functionality has allowed users to build time capsules by recording videos in memorable moments of their life. For example, if a mother received a promotion and wanted to give a one -off investment to her son, she could record a video that spoke with her son to commemorate and remember the moment.
The acquisition comes when Acarns doubled its customers on Acorns Gold, his $ 12 subscription plan per month in the last year.
“Our golden plan will be the place to offer financial well -being for the whole family: products for parents, children and all the connective tissue between the family unit,” said Kerner. “This will be the place where the whole family will be able to manage their money as they cultivate together intelligent money habits.”
The acorns collected $ 300 million in March 2022 and was evaluated at $ 2 billion at the time. The company has not provided an updated evaluation.
