The Comcast, PayPal and Rakuten-backed micro-investing service is merging with Nasdaq-listed Pioneer Merger Corp at a $2.2bn post-transaction valuation.

Acorns, a US-based investment and savings app developer backed by mass media group Comcast, payment services provider PayPal and e-commerce firm Rakuten, agreed a reverse takeover yesterday at a $2.2bn valuation.

The transaction is set to close in the latter of half of this year and will entail Acorns getting the spot on the Nasdaq Capital Market held by special purpose acquisition company Pioneer Merger Corp, which listed in a $350m initial public offering in January 2021.

Declaration Partners,…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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