Copper Banking
“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?”
Founded2019
HQSeattle, WA, United States
FoundersEddie Behringer
Total raised$42.3M
Latest roundSeries A, 2022
IndustryFintech / Consumer banking
The story
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.
Product timeline
2019
Copper (NEXT Financial Inc.) founded in Seattle to build a teen-focused digital banking service.· banking
2021
Public launch of teen debit card and banking app via Synapse + Evolve Bank & Trust partnership.· banking
2022
Grew to 800,000+ users; raised $29M Series A led by Fiat Ventures.· banking
2024
Emergency discontinuation of bank deposit accounts and debit cards following Synapse's Chapter 11 bankruptcy.· pivot
The stack
2 layers disclosed in Copper Banking’s embedded-finance stack
Banking / BaaS
Sponsor bank
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.