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November 21, 2017

PayPal integrates with investment app Acorns

By Shruti T

Payments giant PayPal has integrated micro-investing app Acorns to enable its customers invest more easily.

The PayPal customers have to link their accounts to Acorns to set-up a recurring or one-time investment which will be funded from PayPal account.

After the accounts are linked, consumers can transfer funds, monitor investments, make withdrawals and manage account from the PayPal website and mobile app.

The new features will be initially rolled out to selected US PayPal customers, and will be available for all US customers by early 2018.

PayPal vice president for consumer financial services Joanna Lambert in a blog post wrote: “This is in addition to the existing feature allowing PayPal users to use the Acorns ‘Round-up’ feature on PayPal purchases, automatically investing the round-ups into a low-cost, diversified portfolio of exchange-traded funds.

“Together, Acorns and PayPal are helping democratise financial services and offering innovative solutions to the people typically underserved by the current system.”

Acorns CEO Noah Kerner said: “PayPal and Acorns are both committed to helping the up-and-coming achieve their financial potential — together, we see a future where anyone can grow wealth. Our strategic partnership with PayPal, supports our shared mission to deliver next generation financial solutions to our customers.”

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