“Can a teen-focused neobank survive the collapse of its BaaS backbone and reinvent itself as a family-banking layer on top of chartered institutions?”
Founded 2019 as a teen-focused digital neobank offering debit cards, direct deposit, and financial literacy tools on top of Synapse + Evolve Bank & Trust. Grew rapidly to 800,000+ users and raised $29M Series A in 2022. In May 2024, after Synapse filed for Chapter 11 and abruptly sunset its BaaS platform, Copper had to discontinue its banking and debit products with less than 24 hours' notice. The company has since indicated a pivot toward family banking through 'large financial institutions' (per legal footer), effectively wound down its core banking product.
Copper Banking discloses Synapse as its banking provider, with Evolve Bank & Trust as its sponsor bank, according to the Embedded Finance Index 2026.
Copper Banking does not disclose a bank charter of its own; its banking services are provided through Evolve Bank & Trust.
The Embedded Finance Index 2026 maps 2 layers in Copper Banking's stack: Banking / BaaS (Synapse); Sponsor bank (Evolve Bank & Trust).
Copper Banking was founded by Eddie Behringer and is founded in 2019, headquartered in Seattle, WA, United States.
Copper Banking has raised $42.3M in total (latest round: Series A, 2022).
Get a read on where your own stack stands against Copper Banking and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.