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Investing App Acorns and Pioneer Cancel $2.2 Billion SPAC Deal

  • Acorns plans to pursue traditional initial public offering
  • App lets users invest spare change, offers checking accounts
     

     

Photographer: Tiffany Hagler-Geard/Bloomberg

Acorns Grow Inc., the popular spare-change investing and checking account app, and Pioneer Merger Corp. are canceling their $2.2 billion blank-check deal for the app to go public. 

The deal was canceled due to market conditions, and the startup now plans to raise funding and pursue a traditional initial public offering, according to Acorns Chief Executive Officer Noah Kerner.