September 30, 2020

Step launches no fee banking app built for teens

SAN FRANCISCO – September 30, 2020 – Step, the new modern-day financial services company built for teens and families, today announced its official launch, offering a free FDIC insured bank account and Visa card. Through its app, Step offers an all-in-one banking solution with a new type of personalized card that has no interest or fees and helps teens build positive credit. In celebration of the launch, furthering Step’s mission to improve the financial future of the next generation, the company will also be giving away $100,000.

This summer Step began piloting the app with friends and family, experiencing overwhelming interest for this new type of no fee, all-in-one banking solution. After rave reviews from more than 100,000 users during the pilot phase, today Step is available to the public for the very first time.

The company has also partnered with dancer and social media megastar Charli D’Amelio to share her favorite Step features and how she uses the app to manage money, her way. Step recently raised $22.5 million in Series A funding led by Stripe with participation from Will Smith’s Dreamers fund and Nas, as well as existing investors Crosslink Capital, Collaborative Fund, Kombo Ventures and Sesame Ventures. Step’s financial products are powered by its bank partner Evolve Bank & Trust, Member FDIC and insured up to $250,000. Read rest here.