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Steve Cohen Invests $2Mn into Micro-Investing Startup
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[Photo: gphgrd01 (stock of CEU) Wikimedia Commons]
Steve Cohen may have found a way to reach cash-strapped millennial investors by investing $2 million in Acorns, a micro-investing startup. The investment, as reported by Point72 Asset Management, was made in April through Cohen’s Point72 Ventures, the firm’s venture capital arm, and was part of a $30 million funding round led by PayPal.
Acorns allows customers to convert pocket change into compounding returns. Its 1.3 million customers - 75% of which are millennials - link their debit cards to Acorns’ platform and their daily purchases are rounded up to the nearest dollar. That difference is then invested into a portfolio of low-cost ETFs.
