Copper Banking, a Seattle, WA-based provider of a youth-oriented mobile banking platform that combines financial education and parent-friendly features, raised further $9m and closed a $13.3m seed funding round.
Backers included 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.
The company intends to use the funds to to continue the development of its banking platform and products and hire across several departments including engineering, compliance, marketing, sales and operations, and expand its business reach.
Co-founded by Chief Executive Officer Eddie Behringer and Chief Financial Officer Stefan Berglund, who previously co-founded Snap! Raise, Copper Banking provides an FDIC-backed digital bank account for teens linked to 50,000 ATMs. Teens also get a personalized 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.
Launched earlier this year, the platform already has over 350,000 users on its platform. Banking services are provided by Evolve Bank & Trust, Member FDIC.