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Bakers help Acorns to grow
Baker & McKenzie have assisted with the launch of a smartphone application in Australia that lets customers invest ‘virtual spare change’ in portfolios of exchange traded funds.
Felicity Nelson
Firms: Baker & McKenzie (Acorns Grow Australia)
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Deal: Acorns Grow Australia has established its micro-investing product fintech platform in Australia.
Value: Not disclosed
Area: Fintech
Key players: Baker & McKenzie’s lead partners, Astrid Raetze (pictured) and Adrian Lawrence, were assisted by senior associates Sam Appleton, Caitlin Whale, Allison Manvell and associates Dharshi Harindra and Mitchell Thorp.
Deal significance:
AGA has developed a smartphone product that enables customers to invest small amounts of money (as little as $0.20) in a portfolio of exchange traded funds.
AGA pitches itself as “the best way to turn virtual spare change from your everyday purchases into investments for the future”.
It was launched successfully in the US and is now entering the Australian market.
“Money is invested either through ‘round-ups’ of everyday purchases made with a credit or debit card linked to the Acorns product, or through customer contributions,” Ms Raetze said.
“The customer is able to select an investment portfolio employing a strategy that matches their investment risk profile.”
