Consumer finance startup Acorns to go public in over $2 bln SPAC deal

27 May 2021


Adds investors, share price, other details from statement

May 27 (Reuters) - Acorns Grow Inc said on Thursday it was going public through a merger with blank-check company Pioneer Merger Corp PACX.O in a deal valuing the savings and investing app at about $2.2 billion.

The merged entity will receive cash proceeds of over $450 million from the deal, which includes a private placement at $10 per share from investors such as Declaration Partners, Greycroft, TPG and BlackRock Inc BLK.N.

Launched in late 2014, Acorns helps users invest in stocks and bonds and operates on a subscription-based model. It has four million subscribers in the United States.

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