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UNest, a mobile app that helps parents build college nest eggs for their kids, announced Wednesday it has acquired Littlefund, a similar app that will double UNest's user base to over 60,000 people. The integration will also make it so extended family members and friends can contribute directly to a UNest account on behalf of a child.
"Both are applying a modern, technology-driven approach to making financial solutions more affordable, accessible and user-friendly for a new generation of parents," said Ksenia Yudina, chief executive officer and founder of UNest, in a written statement. "Our teams share the same values and there is a lot of synergy in terms of vision and demographics."
Yudina, who was previously a senior executive at Capital Group, said she got the idea for UNest after seeing that her millennial friends having babies did not know how to invest in college savings plans and were put off by the stacks of paperwork that traditionally have been required.
UNest makes the investing simpler. It charges users a $3 monthly advisory fee for the service that funnels cash into 529 plans, an investment tool that provides tax breaks for college savings. It also offers trust accounts for minors.
The deal comes after UNest closed an oversubscribed $9 million Series A financing in June at a $25 million, post money valuation, according to Pitchbook data. The round was led by Anthos Capital, which also made an introduction to NBA All-Star Baron Davis, who ended up becoming an investor in the company and a brand representative.
UNest, which is headquartered in North Hollywood, launched in February and says it has seen "rapid growth" in users during the pandemic as the savings rate increased and families focused on long-term savings goals.
Following the completion of the acquisition, Littlefund founders Mimi Chan and Isaac Dressman will join UNest as head of experience and head of research and development, respectively. They are currently based in San Francisco but are planning to relocate to L.A. when employees can go back into the office.
Terms of the deal were not disclosed.