Acorns is going public via a SPAC merger in a deal that values the savings and investment app at $2.2 billion, the company said Thursday.
The startup said it will merge with Pioneer Merger, a publicly-traded special purpose acquisition company. The deal is expected to close in the second half of 2021.
Acorns, which is based in Irvine, Calif., said it has more than 4 million customers in the U.S. and expects that to grow to 10 million by 2025.
Founded in 2012, Acorns was part of a wave of fintech startups that sought to make investing easier. The company became famous for an app that lets users automatically invest or save spare change from everyday purchases.