The Australian arm of US savings and investment app Acorns Grow has appointed a former RBS investment banker as its chief operating officer.
Brendan Malone has been hired as a dedicated chief operating officer for Acorns Grow Australia, a joint venture between Instreet Investments Limited and Acorns Grow.
Mr Malone was previously the chief administrative officer for international banking at RBS, Asia Pacific.
Acorns Grow Australia will allow consumers to invest the virtual 'spare change' from their day-to-day transactions into an indexed portfolio.
"Users simply link the app on their phone to their bank account and/or credit card, and as they make purchases they invest the virtual spare change by rounding up transactions to the nearest dollar," Acorn Australia said.
"For example, if you buy a coffee for $3.50, the app pushes 50 cents into your Acorns account to be invested."
The app will available for download for Australian investors in the first quarter of 2016.
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