About

Copper provides banking services specifically designed for teenagers, featuring a Copper Debit Card and a mobile app that offer instant access to funds while educating users about financial management. The app includes features like zero liability protection from Mastercard, no hidden fees, no overdraft fees, and no minimum balance requirements, making banking straightforward for young users. Unlike traditional banks, Copper focuses on the unique needs of teens and their parents, generating revenue through interchange fees and a referral program that encourages user engagement. Partnering with Evolve Bank & Trust ensures that deposits are FDIC insured, adding security for users. The goal of Copper is to prepare the next generation for their financial futures by combining practical banking tools with educational resources.

Simplify's Take

What believers are saying

• Copper's innovative approach to teen banking has garnered significant user engagement, with over 800,000 users and a $29 million raise in 2022.
• The company's pivot to a white-labeled family banking product could open new revenue streams and partnerships with large banks across America.
• Recognition as a finalist in multiple categories at the GeekWire Awards highlights Copper's strong market presence and potential for future growth.

What critics are saying

• The collapse of Synapse has forced Copper to discontinue its core banking services, leading to potential loss of customer trust and revenue.
• Dependence on third-party providers like Synapse and Evolve Bank & Trust exposes Copper to risks beyond its control, as seen in the recent disruptions.

What makes Copper Banking unique

• Copper Banking focuses exclusively on teenagers, a niche market often overlooked by traditional banks.
• The company combines practical financial tools with educational resources, setting it apart from competitors who may not emphasize financial literacy.
• Copper's partnership with Evolve Bank & Trust ensures FDIC insurance, providing a level of security that many fintech startups lack.