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Mobile savings and investing app was one of the earlier upstarts in the neobank space to attract significant venture funding. It’s also the latest one to secure a new, really big round.

The 10-year-old, Irvine, California-based company just closed on $300 million in a Series F round led by private equity firm . The fundraise comes nearly two months after Acorns plans for a public offering via a SPAC merger. 

The new round reportedly sets a valuation of $1.9 billion for Acorns. The SPAC deal, which Acorns announced last May and included a PIPE component, would reportedly have the company at roughly $2.2 billion,

Acorn’s big private fundraise comes amid an increasingly sluggish exit environment for wanna-be public companies. The largest public offering by a neobank to date—Brazil’s —has been a disappointing performer. And so far this year, the U.S. IPO window looks mostly shuttered, with venture-backed tech and fintech companies largely putting plans for public offerings on hold.

Yet, by venture-backed startup standards, Acorns certainly looks ripe for exit. The company raised its Series A back in 2013 and had raised over $200 million in venture funding before this latest TPG-led round. 

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