Nas and Will Smith have invested in the Financial literacy app for teenagers. The startup behind the company is Step. The companies lead investor is Stripe. This is not the first round of fund rising step is already raised fund.
You want to get early access, go to the link and register to get the access – https://step.com/ (Currently USA only)
In this round Step raised more than $30 million dollars. Other investors are Jeffrey Katzenberg’s Wndrco, Ronnie Lott, Matt Rutler, Kevin Gould, and Moat founders Noah and Jonah Goodhart.
The Step’s main motivation behind this app is to teach financial concepts in an attractive way. The company co-founder CJ MacDonald, the CEO told in the interview with TechCrunch that Schools and colleges do not educate financial literacy. We created a solution for this and We will use this app to teach teens how responsibly use money and spend that money in the proper way. We also planned to teach how to invest money in a better way which will help the teens in the long run.
With this app, the teens will get a bank account with spending cards. They don’t have any monthly or overdraft fees and no minimum balance. Step partnered with Mastercard and Evolve. The parents can able to control their children’s transactions by putting limits and track activities about kids spending.
Teens can able to send and receive money from family and friends. Steps plan is to get the first bank account and spending cards to teens. In future teens getting older they will offer loans buy books and computers.
The step is not the first company tried this concept to develop the app. The concept is tried by a few companies before. The step has not released the app to the public but they already got interested from 500,000 peoples.