BZ Bites: Acorns Scraps SPAC, Raises Valuation To $1.9B In $300M Series F

Acorns announced Wednesday a $300 million Series F that boosted its valuation to $1.9 billion.

The development comes as the company scrapped its intent to go public in light of recent market volatility.

“The markets got very volatile,” Acorns CEO Noah Kerner said. “The concerns we had about the [SPAC] market were that we would get lumped into a group of companies that perhaps were valuing themselves in inflated ways.”

The round was led by TPG. BlackRock Inc (NYSE: BLK), Bain Capital Ventures, Galaxy Digital, and an investment firm co-founded by basketball star Kevin Durant.

The firm will use the funding to build out its family-specific products, as well as beef portfolio personalization and cryptocurrency initiatives.