California-based fintech startup Acorns Grow will go public at a valuation of roughly $2.2 billion by combining with a special purpose acquisition vehicle, the companies said Thursday, in a deal built by Kirkland & Ellis, Paul Hastings and Latham & Watkins.
Acorns Set to Go Public via SPAC Deal with Pioneer Merger Corp
2 hours ago by Benjamin Godfrey · 3 min read
Photo: Acorns
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Beyond its SPAC merger, Acorns will have to navigate the terrain to gain a good market stance amidst stifling competition.
Fintech startup Acorns Grow Inc is planning to make its public debut through a merger deal with a publicly-traded Special Purpose Acquisition Company (SPAC), Pioneer Merger Corp (NASDAQ: PACX). According to a report by CNBC, the deal values Acorns which runs a savings and investment product at $2.2 billion, with the deal expected to close sometime later in the second half of the year.
Acorns Grow Inc said on Thursday it was going public through a merger with blank-check company Pioneer Merger Corp in a deal valuing the savings and investing app at about $2.2 billion.
Acorns to go public via $2 billion SPAC deal
Acorns is the latest wealthtech company to go public via blank-check merger, following competitors like SoFi. Launched at the end of 2014, the fintech is a subscription-based automated investing and banking app.
May 27, 2021 2 MINS
Acorns Grow Inc., a robo-adviser backed by celebrities like Jennifer Lopez and asset management giant BlackRock, announced plans Thursday to go public via a merger with a blank-check firm set to value the combined company at $2.2 billion.
Acorns is slated to merge with publicly traded special purpose acquisition company Pioneer Merger Corp. The startup will trade on the Nasdaq under the symbol “OAKS” after the deal closes, which is expected to happen in the second half of 2021.
Consumer finance startup Acorns to go public in over $2 bln SPAC deal reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.