Copper Banking, a digital bank for teens that helps them build financial literacy, announced $4.3 million in seed funding, led by PSL Ventures, with participation from Jack Brody, of Snap Inc and Mana Ventures and Western Technology Investment. Copper includes an app for iPhone and Android and a debit card that connects parents and teens to teach teens how to make smart financial decisions.
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“Schools have traditionally struggled to provide teens with a practical financial education leaving parents frustrated and teens unprepared to manage their money after leaving high school,” said Eddie Behringer, CEO and co-founder of Copper Banking. “We founded Copper to teach teens the fundamentals of money to keep them out of debt, afford the things they want, and ultimately set them up for long term financial success.
Today, nearly 20 percent of American teens fail to meet the level to be considered financially literate according to the Organisation for Economic Co-Operation and Development (OECD); and 72% of early adults surveyed by Merrill Lynch say they would benefit from more financial guidance. Copper Banking was founded by Eddie Behringer and Stefan Berglund with the vision of giving teens a practical, hands-on education in financial literacy. They previously founded Snap! Raise, a group fundraising platform that helps teens raise money for schools, and saw firsthand the need for Copper.
“Copper is uniquely positioned to build a digital bank that teens will actually love and use,” said Geoff Entress, Managing Director of PSL Ventures. “This team has also already proven that they know how to reach teens directly in high schools and those same high school students are telling us that the Copper app and debit card solves a real problem for them – getting money to and from their parents.”
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