Youth-focused mobile banking platform Copper Banking has closed its $13.3m seed funding round led by PSL Ventures.
Copper Banking’s returning investor Clocktower Ventures also participated in the seed funding.
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New investors who joined the round include Index Ventures Scout Fund, Launchpad Capital, Financial Venture Studio, Maven Ventures, Fiat Ventures, Samsung Next and Arnold Ventures.
US-based Copper Banking will use the funding to develop its banking platform, update its product portfolio and expand in target markets.
The funds will also be used for hiring in departments such as engineering, compliance, marketing, sales, and operations.
Copper Banking co-founder CEO Eddie Behringer “Copper is teen-first banking and a teen’s first bank account. We provide this generation with the cheat codes to saving that we all wished we had earlier in life.
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By GlobalData“Access alone does not equal literacy. Despite having the greatest digital access in history, we still have astronomical credit card and student loan debt. If we want to put a generation of teens onto firmer financial footing, we have to reimagine the banking experience.”
The fintech offers an FDIC-backed digital bank account, which are linked to 50,000 ATMs.
It also offers access to a personalised Copper debit card, P2P payments, direct deposit, and automatic savings options.
Additionally, parents can link their bank accounts to Copper Banking cards, receive alerts and monitor spending.
In August 2020, the company raised $4.3m in initial seed funding, which was also led by PSL Ventures.
Clocktower Ventures partner Ben Savage said: “The teen market is incredibly attractive for neobanks, but teens don’t want one imposed on them by their parents.
“Copper has the brand, the product and the go-to-market model to fill that void, and we’re extremely excited to support Copper as they continue to build on the strong organic growth they are already seeing.”
