AT&T’s Cricket Wireless strikes partnership with Acorns to bring investing to its subscribers

Cricket Wireless has struck a deal with Acorns to pre-install the investment app on all new handsets sold by the AT&T brand.

The Acorns-Cricket partnership: Cricket customers who sign up for a new Acorns account and invest $5 will receive a $10 investment bonus in their Acorns Invest account.

• Following Acorns signup, Cricket will invest $1 into their customers’ Acorns accounts for every month their wireless service is paid.
• Acorns customers who switch to Cricket Wireless through the summer receive a $20 investment bonus.

“One of the top reasons people don’t invest in their future is lack of access,” said Acorns CEO, Noah Kerner. “Our collaboration with Cricket, and their commitment to financial wellness, will make it even easier for everyday Americans to save and invest every day.”

Acorns’ partnership strategy: Cricket Wireless is the first exclusive wireless partner for Acorns Earn, a rewards program that enables customers to earn money when they shop.

• By tapping “Earn more money” on their home screens, Acorns customers can search more than 400 global brands that automatically invest into a subscriber’s Acorns account when they shop with that brand.
• The Cricket Wireless offers will be featured in the Acorns Earn section, and Acorns customers can switch or sign up for Cricket service from their app.

“Acorns makes it simple for people to invest. This micro-investment tool empowers people to invest little by little, even just spare change, and it really adds up to impact their future,” said John Dwyer, President of the AT&T Prepaid Portfolio (includes Cricket Wireless). “People across the country are still struggling to make ends meet, and for many, their ability to save was severely impacted during the pandemic.  We hope this collaboration with Acorns will help our customers start saving again for the future.”

Cash back as an incentive: Digital investment services like Acorns and challenger banks continue to encourage their customers to swipe their cards. Cash back and targeted offers are one way these firms compete.

• Dosh, a popular incentive network that integrates with fintech brands like Venmo and Betterment, was bought by Cardlytics in a transaction worth $275 — Cardlytics’ first acquisition in its 13-year history.
• Acorns competitor Stash uses its Stock-Back Card to reward its customers with fractional shares in the companies they shop at.

Telecom and financial services: Telecommunications companies are increasingly looking to banking and investing as value-added services to introduce to their customers.

• Verizon recently launched Family Money, an app designed to boost financial literacy, particularly among young people.
• T-Mobile launched its own banking service, MONEY, in 2019 as a white label partnership with BankMobile.