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Acorns will go public via a SPAC merger at $2.2 billion valuation

The online savings and investment app said it has more than 4 million customers.

​The Acorns app appears on a smartphone.

The Acorns app appears on a smartphone.

Photo: Tiffany Hagler-Geard/Bloomberg via Getty Images

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.

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