NBCUniversal and Comcast Ventures are partnering with Millennial-friendly wealth investment app Acorns to plant the seeds of financial literacy, reports CNBC.
The outlet reports the media companies announced an equity investment in Acorns, including an original content partnership with Comcast-owned CNBC to develop articles, videos and eventually live conferences focused on fostering financial literacy.
“This partnership with Acorns builds on CNBC’s 30-year commitment to democratizing the financial markets helping generations invest for their future. We are excited to bring together two brands with this shared social purpose to drive value to our viewers, users and customers.”
“This partnership with Acorns builds on CNBC’s 30-year commitment to democratizing the financial markets helping generations invest for their future,” Hoffman said in a statement. “We are excited to bring together two brands with this shared social purpose to drive value to our viewers, users and customers.”
Acorns’ latest $105 million funding round, in which NBCUniversal and Comcast Ventures participated, puts its valuation at $860 million. Other investors in the Series E round included BlackRock, Bain Capital Ventures, TPG’s Rise Fund, DST and Michael Dell’s MSD Capital. In addition to becoming Acorns’ biggest shareholder, NBCUniversal now claims a seat on the startup’s board, which CNBC Chairman Mark Hoffman will fill.
Acorns’ educational content website “Grow.” will be getting a boost through this strategic partnership. “CNBC is bringing on a team of about 20 people to expand that effort, which Acorns CEO Noah Kerner said will “take things to the next level” and get useful investing content in front of its 4.5 million customers,” according to CNBC.
“We’re trying to put the tools of wealth-making in everyone’s hands,” Kerner told CNBC. “We have an imperative to educate people and make them smarter with their money so that they can make the right financial decisions.”
Describing the app as a “financial wellness system” to CNBC, Kerner sees financial education as central to the company’s mission of democratizing investing. He tells CNBC that the average Acorns customer is around 32 years old with an income of $50,000 to $60,000.
“This is all about broadening access,” Kerner said to CNBC. “We think it’s a good move to work with a company that’s been democratizing investing for generations.”