Investment start-up app Acorns has seen over 100,000 users sign up to the service after 6 months of operations, revealing more of the nation’s population are looking to take their financial futures seriously.
Launching in Australia in February, 2016, not only does the milestone attest to the app’s rapid popularity – particularly amongst tech savvy millennials – it indicates a trend amongst Australians to look beyond the big four banks for investment and savings opportunities.
George Lucas, Managing Director of Acorns Australia, says the app’s success to date is being driven by young Australians who are discovering the benefits of regular, small investments. 80 per cent of customers have automatic round-ups switched on, investing their loose virtual change. “We’ve been surprised and encouraged by the app’s rapid adoption, particularly in light of political uncertainty both domestically and abroad.”
The latest data from Acorns attests to the app’s financial model, with over 95 per cent of the user base seeing a positive return on investment, and personal financial gains (before the monthly maintenance fee).
“The strength of sign-ups shows that there is a high demand for saving and investment assistance, and a clear sign that the market needs and wants this this type of technology offering.
“50 per cent of downloads have been generated by investors aged 25 – 34 years, with 90 per cent of our customers under the age of 45 years. The app is giving them a frictionless way to get invested. Acorns’ technology levels the playing field, opening up the market to all generations.”
Confirming Australia’s appetite for FinTech innovation, Acorns Australia quickly exceeded the comparative growth rate it experienced when the app launched in the U.S.
Australia is the first country to receive the app outside of the U.S., being launched by a joint venture between Instreet Investments Limited and the U.S. start-up Acorns Grow, Inc. For more information on the application or to download Acorns an Apple or Android device, visit https://acornsau.com.au/ for further information.
