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Copper Banking
Fintech
Copper Banking was a fintech app and debit card aimed at teaching teenagers financial literacy, which discontinued its core banking and debit card services in 2024 after its banking-as-a-service partner shut down.
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Copper Banking was founded in 2019 by Eddie Behringer and other co-founders, based in Seattle, with a mission to help teenagers gain hands-on financial experience and build financial literacy earlier than traditional banking products typically allow, offering a mobile app and debit card designed specifically for users roughly ages 10 to 19, letting parents fund accounts, set spending controls, and monitor activity while giving teens increasing autonomy over managing their own money, receiving allowance payments, and making purchases in stores and online. The app also incorporated financial education content and quizzes designed by financial literacy experts, aiming to combine practical money management experience with structured learning about budgeting, saving, and other personal finance concepts. Like many "banking" fintech apps aimed at underserved demographics such as teens, Copper Banking itself was not a chartered bank; instead, it partnered with banking-as-a-service infrastructure providers, including Synapse, to actually hold deposits and issue its debit card under the FDIC insurance coverage of an underlying partner bank. This dependency became an existential problem in 2024 when Synapse, the banking-as-a-service middleware provider used by numerous fintech apps including Copper, suddenly collapsed into bankruptcy amid a broader crisis in the banking-as-a-service industry, forcing Copper to abruptly discontinue its deposit accounts and debit card services with far less notice to customers than the company would have preferred, an episode that affected many similarly structured fintech apps relying on the same failed infrastructure provider. Following this forced shutdown of its core banking product, Copper pivoted to operating as a rewards and financial education app, letting members earn cash or gift card rewards through activities such as completing surveys, playing games, and referring friends, while stepping back from its original vision of providing actual banking and payment card services to teenage users, illustrating the significant platform risk fintech "neobanks" face when they depend entirely on a single banking-as-a-service intermediary rather than a direct bank charter relationship.
FOR QUALIFIED INSTITUTIONAL AND ACCREDITED INVESTORS ONLY: Under federal securities laws, private market investments on this platform are available exclusively to Institutional and Accredited Investors. Verification of status required before investing. Private investments involve significant risks including illiquidity, potential loss of principal, and limited disclosure requirements. "Augment" refers to Augment Markets, Inc. and its affiliates. Augment Markets, Inc. is a technology company offering software and data services, not a bank or financial institution. Cash Accounts are provided by Modern Treasury Corp. financial institution partners and through Augment's technology. Augment does not act as a money services business, provide money transmission, or serve as a custodian of funds. Funds held in your Cash Account are not FDIC insured unless expressly disclosed. Full terms available in the Augment Cash Account Agreement. Brokerage services are offered through Augment Capital, LLC, an affiliated broker-dealer and member FINRA/SIPC. "Investment accounts" are not brokerage accounts and do not hold customer funds or securities. Investment advisory services are offered through Augment Advisors, LLC, an SEC-registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. Neither Augment Advisors, LLC nor Augment Capital, LLC provide legal or tax advice; consult your attorney or tax professional regarding your specific situation. For additional information, please refer to Augment Advisors, LLC's Form ADV Part 2A (Firm Brochure) and FINRA BrokerCheck.
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