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Acorns Grow to team up with industry funds

Acorns Grow to team up with industry funds

Alice Uribe
— 1 minute read

Micro investment firm Acorns Grow has unveiled plans to give users of its app the ability to make voluntary contributions to their industry superannuation account.

Acorns Grow Australia has engaged the Association of Independently Owned Financial Professionals (AIOFP) to assemble a panel of industry superannuation funds to participate in a pilot program.

"Given the success of the current app for non-superannuation investments, Acorns will be adding functionality in the near future for users to make voluntary contributions into superannuation from their Acorns account," Acorns Grow Australia director George Lucas said.

Acorns uses a smartphone application to allow small change to be invested into ETFs. So far, it has resonated with investors, attracting around 70,000 users, with 70 per cent under the age of 35, Mr Lucas said.

AIOFP manager, industry fund relationships, Barbara Ryland said Acorns is an exciting and innovative way for members to increase their retirement savings.

"We will be approaching a select group of industry funds with a younger demographic who are more amenable to using technological advances," Ms Ryland said.

The Australian launch is a 50-50 joint venture between Acorns Grow and Australian investment firm Instreet.

Acorns Grow Australia will be responsible for the app's promotion and distribution in Australia.

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Acorns Grow to team up with industry funds
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