Acorns Plans Direct Stock Investing, Challenging Robinhood
- Company currently only allows investing in its own ETF funds
- Feature could eventually support crypto investments, CEO says
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Acorns Grow Inc., the popular spare-change investing and checking account app slated to go public this year, is developing a new feature that will let users choose their own investments for the first time.
The upcoming feature, called Customizable Portfolios, will allow users to invest their money and spare-change in portfolios they create instead of only Acorns’ own exchange-traded fund choices. The expansion for Acorns into direct investing will help the app rival other mobile-first platforms like Robinhood Markets Inc. plus legacy services like E*Trade and Fidelity.