Fintech app for teens Copper secures $29m Series A
Teen-focused fintech and financial literacy platform Copper has secured a $29 million Series A funding round.
Copper secures $29 million Series A round
The round was led by Fiat Ventures and saw participation from Panoramic Ventures, Insight Partners, Invesco Private Capital, Springbank Collective, Tacoma Venture Fund, Alumni Ventures and Operator Stack Fund.
This latest round takes the firm’s total capital raised to date to $42.3 million.
Copper will use the newly acquired funds to expand its “banking built for teens” offering, giving users the tools to start investing and building wealth.
Later this year, users will gain the ability to direct funds from their FDIC-backed accounts into a wide range of investments, including individual stocks, mutual funds and cryptocurrency.
Copper CEO Eddie Behringer says the company’s app is a “supervised environment” where teens learn as they invest, “and where parents can see where every dollar is going”.
“We give parents alerts and smart controls so they always know how their children are spending and saving. At the same time, we give teens the freedom to experiment with money — and even make mistakes — before entering the adult world,” Behringer adds.
Since its launch in 2019, Copper has racked up more than 800,000 users. The fintech offers personalised debit cards, digital wallet support, P2P transfers and finance tips on dividends, budgeting and compound interest.
