Acorns acquires family wealth and digital memory platform EarlyBird

Summary

Savings and investing startup Acorns has acquired EarlyBird, an investment gifting platform for families, the company told TechCrunch exclusively. The financial terms of the deal were not disclosed. As part of the acquisition, EarlyBird will shut down, and all customer accounts will officially close on June 23. Customers’ funds will be returned to the bank account connected to their account. Founded in 2019, EarlyBird launched a product that combined financial investing with community. The app allowed families and friends to gift investments to children while preserving memories through a digital time capsule. The investments would become the child’s once they turned 18, and they could use funds for things like paying for college, paying a down payment on a home, or for seeding their first business. “When we founded EarlyBird, we envisioned creating a platform that would transform how families leave lasting legacies for their children,” said EarlyBird CEO and co-founder Jordan Wexler in a statement. “The opportunity to join Acorns not only reaffirms our vision, but expands our impact to millions of families who also care deeply about building their children’s financial futures.” Wexler and co-founder Caleb Frankel will join the Acorns team to help build out Acorns Early, the startup’s smart money app for kids. Acorns Early offers a debit card designed for kids and teens to help them develop financial literacy and manage their money. The company launched Acorns Early following its acquisition of GoHenry, a startup focused on providing money management and financial education services to 6- to 18-year-olds. Acorns believes that by bringing on Wexler and Frankel, the company will be able to leverage their experience and passion for the space to enhance Acorns Early. “Our vision is to build a financial wellness system for the whole family, creating compound growth at every life stage,” Acorns CEO Noah Kerner said in an email to TechCrunch. “The shared experiences and in...