March 09, 2022
Acorns Grow Incorporated (Acorns), the saving and investing app, has announced US$300 million in new funding, increasing its private valuation to nearly US$2 billion following the investment. TPG, a leading global alternative asset management firm, led the oversubscribed round, joined by institutional investors including BlackRock, Greycroft, Owl Rock, a division of Blue Owl, Senator Investment Group, Torch Capital, Industry Ventures, Bain Capital Ventures, Headline, Kevin Durant & Rich Kleiman’s Thirty Five Ventures, among others. Signaling continued momentum, Acorns has grown into the largest subscription service in US consumer finance, with more than 4.6 million paid subscribers, exceeding all 2021 public financial forecasts. To date, Acorns has helped its customers save and invest over US$12.5 billion.
Latham & Watkins LLP represented TPG in the fintech transaction with a private equity M&A deal team led by Boston/Chicago partners Ian Bushner and Neal J. Reenan and Boston partner John Miller, with associates Jennifer Boyd, Andrew James, and Jake Wasserman. Advice was also provided on tax matters by Bay Area partner Katharine Moir; on litigation matters by Chicago partner Sean Berkowitz; on corporate matters by Houston partner Ryan Maierson; on intellectual property matters by Washington, D.C. partner Jeremiah Wolsk; and on data privacy matters by Bay Area partner Robert Blamires, with associate Adriana Beach.