Copper, an app-based banking startup targeting teens, has raised $4.3 million in a seed funding round led by PSL Ventures.
Jack Brody, of Snap, and Mana Ventures and Western Technology Investment joined the round for Seattle-based Copper.
Copper consists of an app for iPhone and Android and a debit card that connects parents and teens to teach the kids how to make smart financial decisions.
According to a 2019 report from AppAnnie, in the US 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.
The Copper app aims to improve financial literacy and money management through learning experiences such as quizzes and saving goals.
The firm is already carrying out beta testing and has managed to get school-wide penetration within some high schools.
Eddie Behringer, CEO, Copper Banking, says: "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."