Founded Year

2019

Stage

Series A | Alive

Total Raised

$42.3M

Last Raised

$29M | 4 mos ago

About Copper

Copper is an all-digital bank built specifically for teenagers. The Copper app and debit card teaches teenagers how to make smart financial decisions by creating a platform for parents and teens to connect. The company was founded in 2019 and is based in Seattle, Washington.

Copper Headquarter Location

221 1st Ave W.

Seattle, Washington, 98103,

United States

Copper's Product Videos

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Copper's Products & Differentiation

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  • Copper App

    Mobile banking application built for teens

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Expert Collections containing Copper

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Copper is included in 2 Expert Collections, including Banking.

B

Banking

213 items

Challenger bank offer digitally native banking products (checking and savings account at the most basic) and either leverage partner banks or are fully-licensed banks themselves.

F

Fintech

7,442 items

US-based companies

Latest Copper News

As Students Return to Class, Copper Banking Completes $13.3M Seed Funding

Oct 7, 2021

Youth-oriented mobile banking platform combines financial education and parent-friendly features SEATTLE, October 6, 2021-- Teens are experts at spending money. The trouble is, many never learn how to save it, manage it and make it grow. A third of American teenagers have no bank account of their own, relying on their parents’ credit cards and Venmo accounts to pay for routine purchases. They get no help in the classroom either, with money management poorly taught — or not taught at all — in school. It’s no wonder the U.S. ranks 14th in the world for financial literacy, a knowledge deficit that leads to lack of savings, crushing debt and even bankruptcy. It’s a cycle Copper Banking aims to end with its teen-first bank accounts, which combine the mobile banking experience teens want with the financial education they’re missing. Copper announced today that it has completed a Series Seed financing round totaling $13.3 million from new investors including Clocktower Ventures, Index Ventures Scout Fund, Launchpad Capital, Financial Venture Studio, Maven Ventures, Fiat Ventures, Samsung Next and Arnold Ventures, as well as lead investor PSL Ventures. Where other youth-oriented neobanks lean heavily on advertising to spread the word, Copper Banking relies on a network of youth ambassadors who promote the platform through schools, clubs and sports teams. For teens, it means fewer fees. For Copper, it’s a stronger business model that dramatically increases trust and adoption while reducing acquisition costs. Copper Banking was co-founded by Chief Executive Officer Eddie Behringer and Chief Financial Officer Stefan Berglund, who previously co-founded Snap! Raise, the largest youth-oriented crowdfunding platform in the country. Snap! Raise owed its own success story to deep grassroots-level relationships in high schools. The pair are emulating that model to power Copper’s growth. Copper, which launched earlier this year, already has over 350,000 users on its platform, with 70% of users coming from organic word of mouth. “Copper is teen-first banking and a teen’s first bank account. We provide this generation with the cheat codes to saving that we all wished we had earlier in life,” said Behringer. “Access alone does not equal literacy. Despite having the greatest digital access in history, we still have astronomical credit card and student loan debt. If we want to put a generation of teens onto firmer financial footing, we have to reimagine the banking experience.” Copper Banking provides an FDIC-backed digital bank account linked to 50,000 ATMs. Teens also get a personalized Copper debit card, P2P payments, direct deposit and automatic savings options. Parents can link their traditional bank accounts to Copper Banking cards to provide an automatic ‘teen salary’ allowance. They also receive alerts and smart controls over spending behavior. Copper offers co-parent functionality for separated parents living in different households. The average Copper customer is 15 years old and refers another friend, not including their own siblings. “The teen market is incredibly attractive for neobanks, but teens don’t want one imposed on them by their parents,” said Ben Savage, Partner at Clocktower Ventures. “Copper has the brand, the product and the go-to-market model to fill that void, and we’re extremely excited to support Copper as they continue to build on the strong organic growth they are already seeing.” Copper Banking had previously announced $4.3 million in initial seed funding in August 2020. Clocktower Ventures and other new investors chose to invest subsequently, after seeing the rapid growth. The total funding is now $13.3 million. The company will use the funding to continue the development of its banking platform and products, as well as to drive customer adoption in target markets. Based in Seattle, the company is hiring across several departments including engineering, compliance, marketing, sales and operations. About Copper Banking Copper Banking is banking built for teens. Founded with the mission to create the first financially literate generation, Copper teaches teens to make smart financial decisions. The Copper app and debit card allow teens to receive money from their parents, keep track of spending and save--with no hidden fees. Financial tips built into the app help teens learn the essential money lessons they’ll need throughout life. More information can be found at http://www.getcopper.com. Copper is a financial technology company. Banking services are provided by Evolve Bank & Trust, Member FDIC. Contact:

Copper Web Traffic

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  • When was Copper founded?

    Copper was founded in 2019.

  • Where is Copper's headquarters?

    Copper's headquarters is located at 221 1st Ave W., Seattle.

  • What is Copper's latest funding round?

    Copper's latest funding round is Series A.

  • How much did Copper raise?

    Copper raised a total of $42.3M.

  • Who are the investors of Copper?

    Investors of Copper include PSL Ventures, Fiat Ventures, Arnold Ventures, Western Technology Investment, Index Ventures and 13 more.

  • Who are Copper's competitors?

    Competitors of Copper include Greenlight and 1 more.

  • What products does Copper offer?

    Copper's products include Copper App and 4 more.

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