Acorns Investing App Going Public in $2.2 Billion SPAC Merger

Is the investing world ready for yet another next-generation fintech going public? Acorns, an investing app that offers a suite of investment, banking, and financial education services for low monthly fees, revealed it's going public by combining with an existing company, Pioneer Merger Corp. (NASDAQ: PACX). The company said this places the equity value of its business at roughly $2.2 billion.

Pioneer Merger is a special purpose acquisition company (SPAC), which is an entity created and listed with the sole purpose of bringing an existing business to the stock market quickly.

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Source Fool.com