Copper, a teen based investing application focusing on financial literacy has scored big when it comes to their latest bout of investor backing. Led by Fiat Ventures, a venture capitalist firm whose main investments are FinTechs, the company got $29 million in a Series A funding round. The round also included key players such as Springbank Collective, Invesco Private Capital, as well as Alumni Ventures.
The company, run by CEO Eddie Behringer, has been around since 2019, and offers services such as P2P transfers,dividend investing,and debit cards among its products. Currently, counting over 800,000 users within the past two years,nearly double the previous usage recorded, the total amount of funding acquired now stands at roughly $43 million dollars. According to Behringer, the monies will be used to expand upon its investment and banking options for clients in their teenage years. Also, boasting their parental monitoring option,they also strive to give teens a lesson in money management while allowing parental figures to analyze transactions. Upcoming rollouts will be centered around the cryptocurrency movement, as well as mutual funds or other long term investment alternatives. Overall, Fintech is a hit with those who seek to teach the younger generation smart money goals, capitalizing on its functionality with digital wallets. Meanwhile, investors are lining up to get in on the action, as Copper continues to pave the way.