Copper, a Seattle, WA-based teen oriented banking platform, raised $29M in Series A funding.
The round, which brings total funding to $42.3M, was led by Fiat Ventures with participation from Panoramic Ventures, Insight Partners, Invesco Private Capital and all existing investors.
The company will use the funds to expand its banking service into a full-featured financial platform.
Later this year, Copper customers will gain the ability to direct funds from their FDIC-backed accounts into a wide range of investments, from individual stocks to mutual funds to cryptocurrency.
Led by CEO Eddie Behringer, Copper is a banking platform built for teens to make smart financial decisions. With more than 800,000 users, the company offers features like personalized debit cards, access to 50,000 ATMs and support for digital wallets like Apple Pay, Google Pay and Samsung Pay. Parents use it to send money to teens and monitor their teens’ spending. Teens can set up direct-deposit for after-school and summer jobs and pay friends using convenient P2P transfers, while getting tips on finance fundamentals like dividends, budgeting and compound interest. The app and debit card allow teens to receive money from their parents, keep track of spending and save—with no hidden fees.
Copper’s Banking services are provided by Evolve Bank & Trust, Member FDIC, brokerage services by DriveWealth.