NBCUniversal and Comcast Ventures, the venture capital arm of NBCUniversal’s parent company, Comcast Corporation, will make an equity investment in Acorns. Additionally, NBCUniversal will receive a board seat, which will be filled by CNBC Chairman Mark Hoffman. Financial terms of the funding are not being disclosed.
“This partnership with Acorns builds on CNBC’s 30-year commitment to democratizing the financial markets, helping generations invest for their future,” said Hoffman. “We are excited to bring together two brands with this shared social purpose to drive value to our viewers, users and customers.”
With a joint focus on the importance of educating current and future investors, CNBC will hire a dedicated team to create financial literacy and personal finance content for Acorns platforms. In addition, CNBC will produce features for a cross-company financial wellness initiative “Invest in You: Ready. Set. Grow.” that will run across CNBC, NBCUniversal and Comcast platforms. Content production will begin immediately and continue to expand in the weeks ahead.
“We aim to put the tools of wealth making in everyone’s hands and this includes helping all Americans grow their money knowledge,” said Noah Kerner, CEO at Acorns. “Collaborating with the powerhouse that is CNBC will take these efforts to entirely new heights for our customers.”
Acorns helps America’s up-and-coming by automatically investing spare change from everyday purchases into diversified ETF portfolios. It also helps these customers grow their knowledge, earn extra money and save for retirement with the launch of Acorns Later, the first automated retirement account, which has welcomed nearly 350,000 investors who have invested $40 million to date.