Investing through Copper, the company claims, gives teens a supervised setting where they “can learn as they invest, and where parents can see where every dollar is going.”Ĭopper is among several teen-focused fintechs that have recently expanded their offerings to include a crypto component. We set about building a product that worked in a complete opposite fashion.” “We knew teens were getting access to Robinhood, for example, which is completely incentivized around monetization on frequent trading. “So at the highe st level, this was about ‘How do we provide teens access and freedom in an environment that is really based on safe controls by parents’,” Behringer told TechCrunch. ![]() “What we’ve seen is that despite parents’ best intentions, teens are getting access to investing and cryptocurrency,” he told TechCrunch. And then when we asked parents about it, this was the one financial topic that they assigned the highest value - as far as us being able to provide their teens access, and then really the education behind that access,” he told TechCrunch. “It was really driven by a tremendous amount of demand from teens. The move was in part based on demand from its users, according to CEO and co-founder Eddie Behringer. The startup aims to give its customers the ability to direct funds from their accounts into a “wide range” of investments - from stocks to mutual funds to cryptocurrency. Over the last year, Copper has been gearing up to expand into investing, with plans to onboard its first group of customers within the next month. The fintech also offers tips on what it describes as “finance fundamentals” such as dividends, budgeting and compound interest. Teens can do things like set up direct-deposit for after-school and summer jobs and pay friends using P2P transfers. Parents use Copper to send money to teens and monitor their teens’ spending, the company touts. Seattle-based Copper offers features such as personalized debit cards, access to 50,000 ATMs and support for digital wallets like Apple Pay, Google Pay and Samsung Pay. While the company would not reveal its valuation or hard revenue figures, it did say that its revenue growth is in line with its user growth, which - as noted above - has more than doubled since October 2021. Since its launch last May, Copper has grown to have more than 800,000 users. ![]() It has now raised a total of $42.3 million since its 2019 inception. The investment comes just over seven months after the startup revealed it had raised $9 million in a seed round, and included participation from Panoramic Ventures, Insight Partners, Invesco Private Capital and “all existing investors,” according to the company. Copper, a digital banking service aimed at teens, has raised $29 million in Series A funding in a “preemptive” round led by Fiat Ventures.
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