Music sensation Jennifer Lopez and her finance/former professional baseball player Alex Rodiguez have invested in micro-investing mobile app, Acorns, according to the Wall Street Journal. The duo will notably join Ashton Kutcher, Bono, and Kevin Durand as fellow investors of the fintech startup.
As previously reported, Acorns’ proprietary financial engine allows customers to roundup square change from everyday purchases and invests into professionally managed index funds portfolios.
“Simply connect any credit or debit card and a checking account, then spend money like you normally do to watch your portfolio grow with the market. It’s easy to get started when you can invest any amount, any time with no commissions or minimums.”
The investment from Lopez and Rodiguez comes just a little over six months after Acorns secured $105 million through its Series E funding round, bringing the company’s valuation reportedly up to$860 million. BlackRock, Bain Capital Ventures, TPG’s Rise Fund, DST and Michael Dell’s MSD Capital notably participated in the round. At the time of the investment round, Noah Kerner, CEO at Acorns, stated:
“We aim to put the tools of wealth making in everyone’s hands and this includes helping all Americans grow their money knowledge. Collaborating with the powerhouse that is CNBC will take these efforts to entirely new heights for our customers.”
NBCUniversal and Comcast Ventures, the venture capital arm of NBCUniversal’s parent company, Comcast Corporation, have reportedly made an equity investment in Acorns as well. With the investment round, Acorns also formed a new media partnership with CNBC, with the media company’s chairman, Mark Hoffman, taking a seat on the Acorns board. Speaking about the partnership, Hoffman added:
“This partnership with Acorns builds on CNBC’s 30-year commitment to democratizing the financial markets, helping generations invest for their future. We are excited to bring together two brands with this shared social purpose to drive value to our viewers, users and customers.”