Copper secures $29m Series A

Copper, a teen-focused fintech and financial literacy platform, has raised $29 million in a Series A round of funding.

Panoramic Ventures, Insight Partners, Invesco Private Capital, Springbank Collective, Tacoma Venture Fund, Alumni Ventures, and Operator Stack Fund were among the investors in the round, which was led by Fiat Ventures. The firm’s total capital raised to far is $42.3 million, thanks to this new round.

Copper plans to utilize the fresh capital to extend its “banking built for kids” service, giving consumers the tools they need to begin investing and generating wealth.

Users will be able to direct funds from their FDIC-insured accounts into a variety of investments later this year, including individual stocks, mutual funds, and cryptocurrency.

Copper’s app, according to CEO Eddie Behringer, provides a “supervised environment” where kids can learn while investing and “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.

Copper has amassed over 800,000 users since its inception in 2019. Personal debit cards, digital wallet support, P2P transfers, and financial advice on dividends, budgeting, and compound interest are all available through the fintech’s platform.