Investment app Acorns teams up with Pureprofile Ltd

Pureprofile Ltd (ASX:PPL) has a new partner with Acorns.

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Acorns and Pureprofile Ltd (ASX: PPL) announced today that they are teaming up.

Pureprofile is a company which connects businesses and customers. It conducts surveys of its members on new products, movie trailers or anything else that a business wants an opinion or reaction on.

The Acorns app allows users to invest their change into shares through a variety of exchange-traded funds. The platform has 240,000 accounts in Australia and plans to launch a superannuation product this year.

The announced partnership will give Acorns' 240,000 users the chance to become Pureprofile members and monetise their personal profiles.

As of today, Pureprofile's Australian users can redeem the cash they have earned from surveys into their Acorns investment account. Later in the year Pureprofile surveys will be made available on the Acorns platform.

Pureprofile CEO, Nic Jones, said "In today's marketplace, the power is increasingly shifting from brands to the consumer. In order for brands to engage and retain customers, reliable data is more and more critical. Data becomes the new currency, and consumers are leveraging this to their advantage in a Me2B ("me-to-business") marketplace, also known as the Personal Information Economy."

Foolish takeaway

The market didn't seem that impressed by the announcement, with the Pureprofile share price unmoved today. I think this is a very interesting move by Pureprofile and could lead to a boost in user numbers. It's hard to say if the current share price is an opportunity because it has been dropping for a very long time.

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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