The investment comes over seven months after the startup revealed it had raised USD 9 million in a seed round, and included participation from Panoramic Ventures, Insight Partners, Invesco Private Capital, and ‘all existing investors,’ according to the company. It has now raised a total of USD 42.3 million since its 2019 inception.
Copper offers features such as personalised debit cards, access to 50,000 ATMs, and support for digital wallets like Apple Pay, Google Pay, and Samsung Pay.
Parents use Copper to send money to teens and monitor their teens’ spending, the company touts. Teens can do things like set up direct-deposit for after-school and summer jobs and pay friends using P2P transfers. The fintech also offers tips on what it describes as ‘finance fundamentals’ such as dividends, budgeting, and compound interest.
The startup aims to give its customers the ability to direct funds from their accounts into a wide range of investments – from stocks to mutual funds to cryptocurrency.
Copper makes its revenue primarily from interchange fees. It also can make money if a parent funds their account instantly through a feature it offers called ‘Instant debit load’.
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