Instreet takes majority stake in Acorns
Instreet Investment Limited has increased its stake in Acorns Grow Australia, effectively making US-based Acorns Grow Incorporated a minority shareholder.
The company would initiate a rebrand of Acorns in Australia.
The company announced the transaction today which was carried out via its subsidiary, Instreet Acorns Pty Ltd.
Previously, Acorns Grow Australia Limited was a joint venture between Instreet Investment and U.S.-based Acorns Grow Incorporated.
The announcement said Acorns Grow Incorporated would be keeping a minority interest in the new ownership structure.
The new arrangement grants Acorns Grow Australia a perpetual licence to operate in additional markets in Southeast Asia, including New Zealand, Indonesia, Singapore, Malaysia, Thailand, and Vietnam.
Acorns Grow Australia has also granted a perpetual licence to Acorns Grow Incorporated for technology it has developed.
The announcement said Acorns Grow Australia would continue to invest in its unique product developments pipeline tailored to the Australian market with managing director, George Lucas remaining in his role. He would oversee operations in Australia, where Acorns Grow Australia has been building momentum with more than 550,000 downloads and more than $150 million in funds under management in under two years.
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