- Acorns, the app which invests loose change, will now be called Raiz Invest in Australia.
- The move follows the purchase by an Australian company of the local arm from Acorns’ US parent.
- More than 460,000 people have signed up to the app since launching in Australia in 2016.
Acorns Australia, the app which uses small change to invest, has rebranded as Raiz Invest.
The move follows the announcement that Instreet Investment Limited, an Australian asset manager with $500 million under management, had taken a controlling stake in the local arm of the micro-investing app which started in the US in 2012.
The app can be set up to take one-off or recurring investments or use spare change, rounding up purchases and investing the difference. For example, if you spend $8.50 on lunch, Acorns will invest 50 cents.
From today, users will be prompted to update their Acorns Australia app, after which they will see the new Raiz Invest brand, logo and colour scheme. The website will also reflect the new name and branding.
“After our recent agreement with Acorns, we felt a new name was an important step forward,” said George Lucas, Raiz Invest managing director.
“The change reflects our new autonomy and our ability to move quickly to develop and implement product improvements that are responsive to our customers in the Australian market. This resulted in our recent announcement of the introduction of a superannuation product.
“Whilst our users will not notice any immediate difference to the way the app works, they will start to notice a product that becomes more tailored to their unique needs, with changes based on the feedback they share.”
More than 460,000 people have signed up to the app since launching Acorns Australia in 2016.
“Whilst our name has changed, our commitment to improving the financial confidence and literacy of Australians remains the same,” says Lucas.
“In the coming months we’ll continue to share improvements and bring new products to market that help our customers save in the background of life.
RAIZ Invest Limited is the parent of RAIZ Invest Australia limited, previously known as Acorns Grow Australia Limited.
Acorns Grow Australia Limited had been a joint venture between Instreet and US-based Acorns Grow Incorporated.
Business Insider Emails & Alerts
Site highlights each day to your inbox.