One of the challenges with the Portland startup community has always been achieving exits that generate capital and connections that can be reinvested into the next generation of companies in our community. So it’s always nice to see an exit. But it’s even nicer when that exit is a company founded by a Portland native who is interested in giving back to the community. That’s why I’m happy to announce that Portland startup Vault has been acquired by Acorns.
We are excited to announce that Vault is now Acorns Later. Vault and Acorns come together with the shared belief that anyone can grow wealth.
By staying true to its mission of looking after the financial best interests of the up-and-coming, Acorns has become the leading micro-investing app in the U.S. with over 2 million investment accounts. Through this acquisition, Vault can seamlessly extend our services to Acorns customers, and introduce our customers to automated investing, earning and growing with Acorns.
“I’m humbled that a leading LA-based tech company, whose mission is aligned with ours, is expanding into Portland and bringing new jobs to the area,” Vault founder Randy Fernando said in a written statement.
“Our goal is to make saving for retirement as easy as investing spare change,” said Acorns chief executive Noah Kerner, in a statement emailed to TechCrunch. “One in three Americans haven’t saved anything for retirement and we plan to change that. This partnership accelerates our mission of looking after the financial best interests of the up-and-coming by helping people create an even better future for themselves.”
Terms of the deal were not disclosed. But the company will keep and grow the Portland office.
For more information, see the Vault post on the Acorns acquisition.