New SPAC Acorns $OAKS – #Fintech company with investments, banking and Savings

$OAKS Acorns, a consumer banking, savings and investment company has agreed to go public via a SPAC $PACX for $2.2B. The company did $71M in 2020 revenue and is growing at over 70% YoY.

Acorns Review 2021 : A Safe Investing App For Beginners
Acorns

$OAKS / $PACX will have $465M cash for the company post the merger.

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$OAKS Acorns doesn’t allow its 4+M users to buy or sell individual stocks. Instead, it helps them build balanced portfolios for the long term via its signature service, which deposits users’ spare change into index funds. 

Acorns - Invest, Earn, Grow, Spend, Later | Acorns

$OAKS Launched in late 2014, Acorns helps users invest in stocks and bonds and operates on a subscription-based model. It has 4M subscribers.

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$OAKS / $PACX Acorns. The Irvine, California-based company counts $PYPL PayPal, BlackRock $BX and Comcast Corp among its investors.

Get $1,000 for free by downloading Acorns savings app | Cult of Mac

$OAKS Acorns said that they aim to pass along 10% of their respective positions in the new company to eligible customers through a share-ownership program.

Get $1,000 for free by downloading Acorns savings app | Cult of Mac

$OAKS grew to over $71M in revenue +70% YoY and is expected to continue to grow at that rate in 2021. At 17X 2021 revenues for 70% growth, this seems like a good value, especially since this is more like a SaaS business, but I think shares wont head higher until 2H 2021.

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Comparable valuations are higher, but Acorns $OAKS will suffer from SPAC rejection for the near future. Most investors are staying away from SPACS at the present moment, so I expect shares will head to between $7 – $9 post merger.

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