Copper Banking, a U.S.-based digital bank for teens, announced on Tuesday it secured $4.3 million through its latest seed funding round, which was led by PSL Ventures with participation from Jack Brody, of Snap Inc and Mana Ventures and Western Technology Investment.
Founded in 2019, Copper Banking is on a mission to help teens gain “real-world experience” with money by giving them access to their money in a way that traditional banks aren’t able to do.
“The Copper app and debit card teaches teens how to make smart financial decisions by creating a platform for parents and teens to connect. We are founded on the belief that teens should have equal access to financial education and should be empowered to learn by doing. Cause you’re never too young to get your money right.”
Eddie Behringer, CEO and Co-Founder of Copper Banking, shared more details about the banking platform by stating:
“We founded Copper to teach teens the fundamentals of money to keep them out of debt, afford the things they want, and ultimately set them up for long term financial success.”
Behringer also noted that he and his team founded the platform to give teens a practical education in finance that will keep them out of debt, afford the things they want, and ultimately set them up for long-term financial success.
“We have seen first hand that teens are capable of doing incredible things from starting businesses and nonprofits to raising money for teams and schools, and yet, we also know that most teens leave high school without knowing the basics about managing their personal finances.”
Copper Banking added that it has already deployed a debit card that is being used by real users as a part of its beta rollout.