In a surprising turn of events, Copper, once known for its innovative kids’ banking platform, has undergone a major transformation. The company made the difficult decision to discontinue its youth banking services following the collapse of Synapse, the provider of its banking services.
Synapse, a crucial middleman in the fintech industry, filed for bankruptcy in April, leaving many companies and consumers in a state of uncertainty. As a result, Copper had to swiftly adjust its offerings, much to the disappointment of its loyal users.
Despite the setback, Copper has rebranded itself as an “earn-first financial app,” focusing on gamified earning opportunities for users of all ages. By completing various activities, such as playing games and taking surveys, users can earn credits that can be exchanged for money and gift cards, with over $3.1 million already redeemed.
While the shift may come as a surprise to some, Copper remains committed to its mission of promoting financial literacy. The company has formed partnerships with traditional financial institutions to expand its reach and plans to offer white-labeled family banking resources through major institutions.
As Copper embarks on this new chapter, many are curious to see how the company will continue to blend education with earning opportunities. With a fresh approach and a focus on financial empowerment, Copper aims to remain a valuable resource for users seeking to improve their financial management skills.
