Acorns, the savings and investing app, has raised $300 million from private investors at a $1.9 billion valuation, after abandoning plans to go public via a Spac. According to CNBC, TPG led the Series F round, which included participation from BlackRock, Bain Capital Ventures, Galaxy Digital, and basketball star Kevin Durant's venture capital firm. 

Acorns, which launched in 2014, now claims over four million users in the United States for its app, which automatically rounds up PayPal and debit and credit card purchases and invests the difference in stocks and bonds. It decided to join the Spac train last year, outlining a $2.2 billion deal with Nasdaq-listed Spac Pioneer Merger Corp. 

However, the deal was abandoned in January due to "extreme volatility" in the markets, CEO Noah Kerner tells CNBC. "Our concern about the [Spac] market was that we would be lumped in with a group of companies that were possibly overvaluing themselves," he continues. 

While the $1.9 billion valuation falls short of Spac's target of $2.2 billion, Kerner tells CNBC he is "proud" because private markets are currently "choppy," with investors "taking a long, hard look at valuations." Regarding the future, Acorns intends to go public again when markets improve but will do so via the traditional IPO route.