George Lucas
Instreet Investment Limited has today announced that, through its subsidiary Instreet Acorns Pty Limited, it has increased its holding in Acorns Grow Australia Limited.
Previously, Acorns Grow Australia Limited was a joint venture between Instreet Investment and U.S.-based Acorns Grow Incorporated. Acorns Grow Incorporated will keep a minority interest in the new ownership structure.
As part of the arrangement, Acorns Grow Australia will rebrand its business over the coming months.
The new arrangement grants Acorns Grow Australia a perpetual licence to operate in additional markets in Southeast Asia, including New Zealand, Indonesia, Singapore, Malaysia, Thailand, and Vietnam.
Acorns Grow Australia has also granted a perpetual licence to Acorns Grow Incorporated for technology it has developed.
Acorns Grow Australia will continue to invest in its unique product developments pipeline tailored to the Australian market. Managing Director George Lucas will remain in his role, overseeing operations in Australia, where Acorns Grow Australia has been building momentum with more than 550,000 downloads and more than $150 million in funds under management in under two years.
