In its latest stab at expanding beyond payments, PayPal is entering the savings market through an integration with micro-investing app Acorns.
Launched in 2014, Acorns now claims 2.4 million users in the US for its app that automatically rounds up PayPal and debit and credit card purchases and puts the extra cents into stocks and bonds.
PayPal led a $30 million funding round for Acorns in 2016 and is now strengthening its ties with the firm, letting Americans set-up a recurring or one-time investment funded from their PayPal account.
In addition, once the accounts are linked, users can keep tabs on their Acorns situation from within PayPal, checking their account value, monitoring investment contributions, and managing recurring and one-time transfers.
Noah Kerner, CEO, Acorns, says: “PayPal and Acorns are both committed to helping the up-and-coming achieve their financial potential — together, we see a future where anyone can grow wealth.”