San Diego -- Paul Hastings, a leading global law firm, announced today that the firm represented Acorns Grow Incorporated in its Series E financing led by NBCUniversal and the venture-capital arm of its parent company, Comcast Corp. Additional investors in the financing included BlackRock Inc., Bain Capital, TPG, MSD Capital, the private investment firm of tech mogul Michael Dell, and Yuri Milner’s DST Global. Acorns raised $105 million in cash, bringing the company’s valuation to $860 million. As part of the deal, NBCUniversal’s CNBC financial news unit will also dedicate a 20-person team to write and produce videos about personal finance and financial literacy for Acorns’ apps and websites and CNBC Chairman Mark Hoffman will join Acorns’ board of directors.
Acorns’ namesake smartphone app allows users to link their credit or debit cards to the startup’s app, which rounds up purchases to the nearest dollar and invests the difference in exchange-traded funds on their behalf. The company also offers individual retirement accounts and Acorns-branded checking accounts and debit cards.
The Paul Hastings team was led by partner Scott Oross and included associates Melissa Sampson and Tyler Dodge.
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.