FinTech News
Acorns Acquires Family Finance Platform Zeta
Acorns is adding a fellow FinTech app’s assets to its platform.
About the Acquisition:
Recently, Acorns announced that it had acquired the app Zeta. As a result of this transaction, Zeta cofounders Kevin Hopkins and Aditi Shekar have joined the Acorns team. Financial details about the acquisition were not disclosed.
As Acorns notes, this marks the company’s fifth strategic acquisition in less than two years — with many of these deals speaking to the service’s intent to expand into financial services for the whole family. Previously, the FinTech purchased the kid-centric banking platform GoHenry as well as teen debit card company PixPay. More recently, Chronifi joined Acorns and, earlier this year, the company announced the purchase of the platform EarlyBird.
In their press release, Acorns simply states that existing Zeta customers are “welcome to join Acorns.” However, an email sent to Zeta users included a special offer for one free month and a potential investment bonus.
More About Zeta:
Zeta was a financial platform built specifically for couples and families. Some features included the ability for partners to review transactions together, comment on purchases, utilize a digital “envelopes” budgeting system, and more. The platform also expanded to allow for up to five members and supported customized permissions so that families could get the most from the service.
What They’re Saying:
Commenting on the acquisition of Zeta, Acorns CEO Noah Kerner said, “Financial wellness evolves with every life stage, and this acquisition addresses a critical transition from singles to couples. We’re excited to make it easier for couples to grow their wealth together—with a shared plan for the long-term.”
On the other end of the transaction, Zeta cofounder Aditi Shekar remarked, “From the beginning, Noah and the Acorns team recognized that shared finances is a growing paradigm in the world of personal finance. This next chapter is about making it easier for people to be money partners—planning, investing, and growing together, with confidence.”
My Thoughts:
As someone familiar with both Zeta and Acorns, it’s bittersweet to see the two companies join forces. While it’s sad that this means the end of the Zeta app, hopefully we will see some of the service’s key features popping up in Acorns. On that note, I’m very curious to see if that actually happens, as I have my doubts. Still, I’m happy that the co-founders are able to join the Acorns team and wish them the best in their new positions.
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