Copper Banking Announces $4.3 Million in Funding Led by PSL Ventures
Summary
“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. Copper Banking was founded by Eddie Behringer and Stefan Berglund with the vision of giving teens a practical, hands-on education in financial literacy. “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.” According to a 2019 report from AppAnnie, in the US alone, 16-22-year-olds spend $44 billion annually and influence an estimated $600 billion in spending. However, a survey of 18-34 years old by Merrill Lynch found collectively this age group holds about $2 trillion of debt, and 70% rely on parents to support them financially.