The deal will see Instreet establish a new company, Acorns Grow Australia Limited, to oversee distribution of the free mobile application technology in Australia.
“In a very short period of time in the US Acorns has revolutionised how people perceive investing in shares, making it simple and making it appealing to those either new to investing or those who don’t want to deal with a broker or financial adviser,” said Instreet managing director and ifa blogger George Lucas.
Former RBS investment banker Brendan Malone has been hired as chief operating officer for the new venture, with further appointments to come.
Acorns founder Jeff Cruttenden said Instreet shares its vision and is an appropriate partner for its expansion into Australia.
“Acorns has always wanted to take the app to international markets and do so with a company that has strong local knowledge in the financial services sector,” he said.
