Online payment service, PayPal, has added a new ability for you to use the app in funding your investment account with Acorns and keep track of your account without having to exit the PayPal app. Joanna Lambert, vice president of consumer financial services at PayPal, announced in a blog post published on Monday that PayPal now lets you connect your PayPal account with your Acorns account to provide you a seamless way to invest cash with the spare-change investment solution in a recurring or one-time setup, depending on how you intend to use PayPal to save for your future financial goals. The new feature has started hitting PayPal users in the United States, with the completion of the rollout set to occur early next year.
In addition to helping you fund your investment account with the Acorns app, the integration of the web and mobile versions of PayPal into the investment tool lets you view your savings over the long term, check the value of your investment account, keep track of your investment contributions, and oversee your transfer of funds from PayPal to the Acorns app in real time right from within the PayPal app itself. Additionally, you can also use the "Round-up" feature of Acorns every time you buy something with your PayPal account, which essentially invests your round-ups into a diversified portfolio consisting of exchange-traded funds.
The Acorns app was launched early last year with the goal of helping you invest your money across several widely held U.S. and international companies as well as corporate and government bonds. The app first requires a few information from you so that it is able to match you with the right stocks for you to invest in, not to mention that the app also includes an automatic rebalancing feature to help optimize your returns. That means the app helps you purchase stocks and bonds when the price is low and buy a few of these when the value is quite hefty. PayPal previously launched a number of features intended to help fund a wide variety of digital services, including the company's Money Pool payment and funding platform designed to help a group of people in select countries share the costs for various activities ranging from planning trips and purchasing gifts to funding charitable causes and special events.