Savings and investing fintech Acorns has been relatively quiet since it acquired the UK neobank for kids, GoHenry, six months ago.
Now we have the first new update launching as a result of this acquisition. Acorns’ updated Premium Tier is a $9 per month subscription service that has included new updates to focus on family financial management.
It includes access to Acorns Early which allows friends and family to invest in a child from birth.
Once a child turns six they can get access to a GoHenry debit card to help them build budgeting skills and gain understanding about money. Acorns Premium is not just about kids.
There will soon be new tools targeting couples, parents looking to manage money together.
While fintech is extremely competitive there has been no clear winner emerging in the family segment.
Several companies such as Greenlight, Step and Copper are getting traction but there is certainly room for more players here.
It makes me optimistic that the next generation will be the most financially literate ever.
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