Acorns buys family wealth app EarlyBird
Savings and investment app Acorns has acquired the assets of EarlyBird, a "family wealth and digital memory" platform for kids. Financial terms were not disclosed.
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Founded in 2019, EarlyBird is a mobile app that helps parents and loved ones invest in the financial futures of their children. Customers set up an investment account which a network of family and friends can then help build up, adding funds as well as attaching "digital memories" such as notes, photos and videos.
The deal sees Acorn double down on its strategy of targeting entire families, building on its 2023 acquisition of British kids' money management company GoHenry and the launch of Acorns Early.
EarlyBird will shut down, with the accounts of its 250,000-odd users set to close in June as people are offered the chance to join Acorns. Co-founders Jordan Wexler and Caleb Frankel are joining Acorns.
Says Frankel: "We have such strong alignment in our core values and shared commitment to financial accessibility and education, and with Acorns, we'll be able to create even more meaningful family experiences around money."
Noah Kerner, CEO, Acorns, adds: "This deal with EarlyBird, and its two talented founders, represents another important step in our journey to becoming a full financial wellness app for everyday families."
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