Acorns to go public via an IPO or SPAC merger?

3 min read | November 03, 2021 04:42 AM EDT | By Raza Naqvi

Acorns to go public via an IPO or SPAC merger? — Image source: © Kiankhoon | Megapixl.com

Acorns public debut plans: Key details

Before hiring Mr Hijirida, the California-based company had hired Rich Sullivan from Twitter to be a chief financial officer. Noah Kerner, who is the CEO of Acorns, is looking to establish the company as a brand and expand its business operations.

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Acorns was reportedly valued at US$ 2.2 billion, and the company is looking to public through a merger with a special purpose acquisition company by the end of this year.

Acorns SPAC merger

Notably, Rich Sullivan is an experienced professional and he led Twitter's financial planning and corporate finance for many years. He has over two decades of experience in mergers, acquisitions, investor relations and treasury.

Mr Sullivan's experience could help the company in achieving the successful completion of the SPAC deal. Acorns plans to merge with Pioneer Merger Corp, a SPAC listed on Nasdaq Capital Market and the combined entity will likely trade as Acorns Holdings on Nasdaq.

Bottom line

Acorns was started in 2012 as a company specializing in Robo-investing and micro-investing. The company allows people to round up purchases and automatically invests the change.

Companies operating under the financial technology sector seem to have growth potential as the industry is evolving rapidly.

According to a Research and Markets report, the global fintech market was approximately worth US$ 7301.8 billion in 2020 and this industry is expected to record a compound annual growth rate of 26.9 per cent till 2026.

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