Acorns app rebrands to Raiz Invest
Users will be prompted to update their Acorns app from today to see the new branding.
Don't be confused if you notice a new app update on your phone today for Raiz Invest. Popular micro-investment app Acorns has today rebranded to Raiz Invest, and users will be prompted to update the app to see the new logo, branding and colour scheme.
Acorns, now Raiz Invest, is an app that collects your spare change and invests it in the share market on your behalf, otherwise known as micro-investing. The app will take left over change from everyday transactions automatically. For example, if you bought a $3.50 coffee, the app would take the remaining 50 cents and add it to your portfolio. It's proved incredibly popular for its "set-and-forget" approach to investing, particularly among Australian millennials, with the app boasting more than 460,000 users since launching in Australia in 2016.
Managing director of Raiz Invest George Lucas said the app will predominately still function in the same way that users know and love, and will still offer the same functions and features that have proved increasingly popular, such as Little Acorns (now Raiz Kids) which was launched in November 2017. Lucas assured users that the fundamental goal of the app will still be to improve the financial confidence of Australians.
"Whilst our users will not notice any immediate difference to the way the app works, they will start to notice a product that becomes more tailored to their unique needs, with changes based on the feedback they share. Since launching Acorns Australia in 2016, more than 460,000 people have signed up showing that Australians want the confidence to know they are in control of their finances and are doing the best they can to achieve their financial goals. Through its philosophy of automatically saving and investing small amounts on a regular basis, Raiz, is enabling this financial confidence," said Lucas.
"Whilst our name has changed, our commitment to improving the financial confidence and literacy of Australians remains the same. In the coming months we’ll continue to share improvements and bring new products to market that help our customers save in the background of life," he said.
The rebranding to Raiz Invest is part of Acorns' journey to move away from the US Acorns brand to develop a financial product that is unique to and tailored towards the Australian market. The move follows the app's launch of its own superannuation product in March, which was built with young Australians in mind.
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App image: Supplied