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A Letter from the CEO

May 12, 2024

By

Eddie Behringer

Copper Community, 

Over the last 4 years, we’ve worked diligently to help build the first financially successful generation. As co-founder and CEO, it has been a joy to see this vision come to life, and I’m so grateful for the progress we’ve made together and look forward to our continued growth together.

Alongside investing over $5M to provide free financial education curriculum in high schools across America, our dynamic app has empowered millions of families to earn, save, invest, and spend while learning real-world financial skills. With best-in-class fintech & banking features like Divvy, RoundUps, and Savings goals, and many more we’ve made a lot of financial progress together that we’re very proud of.

As part of our continuing mission to provide a best-in-class family banking product, we’ve decided to discontinue offering bank deposit accounts & debit cards by Monday, May 13, 2024 in its current version. Going forward, we will continue our mission by offering our same family banking product in partnership with trusted large banks across America. 

Late last week, we learned that the banking middleware provider we utilize is sunsetting their service imminently. Despite our prior planning, this event has forced us to close banking accounts much sooner than anticipated. We completely understand that this expedited closure period is frustrating, and we apologize for not being able to provide ample notice in transitioning your account. However, we will continue to serve our member community as an Earn-first financial app.

This strategic decision allows us to remove subscription plan & cost barriers for our members by offering Copper accounts to kids, teens, young adults, and families for free.  This means that:

  • You will be able to access Copper's great family banking functionality through a large bank-perhaps one your family is already banking with! 
  • You will continue to be able to earn & learn money using the Copper app.

Copper is dedicated to helping Americans build wealth, which is why we’ve decided to expand our reach farther than ever before. Earning money & utilizing tools to effectively budget that money are core pillars of financial wellness. 80% of Americans live paycheck to paycheck — we at Copper believe that helping our members make money is one of the most impactful ways to help them build financial stability across generations.

We’re doubling down on this by providing members a way  to build their net worth through the app via Earn and other financial education features. Already our members have earned over $3,102,288 through Copper Earn.

Through Earn, Copper will continue to grow; and I can personally promise that our dedication to financially empowering families has never been stronger. We will continue to enhance our core financial education offerings and add more ways for individuals to earn and learn about money – in the app, through large financial institutions, and in schools across the country.

Sincerely,

Eddie Behringer

Co-Founder & CEO

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