Update: This post has been updated to indicate that Manning Field is the company’s chief commercial officer, not chief financial officer as was originally reported.
Micro-investment service, Acorns, which automatically invests small amounts from its customers’ bank accounts into investment funds, has bought Vault, a Portland-based developer of retirement fund investment services.
Vault’s application lets its users set aside part of their paychecks into retirement funds. The deal is a solid compliment to Acorns’ own investment app, which is more for acclimating users to the idea of investing in the stock market.
The company said that, thanks to the acquisition, it will be launching a new individual retirement account, called Acorns Later.
Current Acorns customers can get on the waitlist today for the new product, available starting January 2018, the company said.
“Our goal is to make saving for retirement as easy as investing spare change,” said Acorns chief executive Noah Kerner, in a statement emailed to TechCrunch. “One in three Americans haven’t saved anything for retirement and we plan to change that. This partnership accelerates our mission of looking after the financial best interests of the up-and-coming by helping people create an even better future for themselves.”
According to Randy Fernando, the acquisition will enable Vault to reach a wider group of potential investors.
For Acorns, the deal also gives the company a foothold in the Portland market — which it sees as an emerging hub for developer talent.
The company said it would look to hire more than 12 engineers to build out its staff as it continues developing its suite of products.
Following the acquisition, Vault and its employees will become part of Acorns and Fernando will become a managing director at the company, reporting to Acorns’ chief commercial officer, Manning Field.