Thanks to Nas and Will Smith, teenagers all over the world will get the chance to learn about finances in the most fun way possible. According to BusinessWire, Nas and Will Smith are among 11 people in funding found for a finance based app tailored for teenagers called Step.
Step is an all-in-one banking solution that combines basic features and use of checking, savings, credit or debit cards into one bank account that is pretty easy to use. Its simplistic user experience is tailored specifically for young adults. Step co-founder and CEO, CJ MacDonald expressed to BusinessWire that the easy use is apart of their strategy for educating their young users about financial literacy.
“Teens and parents are ready for a seamless mobile banking experience, one meticulously designed for their needs,” said MacDonald. “We’ve partnered with the best in the business to create the right solutions for the next generation. As we move into a cashless era where digital content and transactions fuel our daily lives, the need for innovation in financial services increases. We want Gen Z to be more equipped and educated when it comes to money.”
The app will enable users to seamlessly send and receive money, shop online and in-store, and access to virtual wallets in the likes of Apple Pay and Google Pay. The Step app also comes with a card, appropriately labeled the Step card which also comes with a “fee-free and interest-bearing” bank account. Users are also not required to have a minimum balance and aren’t hit with any hidden or overdraft fees. Parents of account holders will get the chance to monitor their teen’s account and have the opportunity to set limits and guidelines.
Will Smith’s Dreamers fund and Nas, alongside Wndrco, Ronnie Lott, Matt Rutler, Kevin Gould, Noah, and Jonah Goodhart joined existing Step investors Crosslink Capital, Collaborative Fund and Sesame Venture for a total $22.5 Million Series A funding for the project. The funding follows the overflow of Step’s waitlist which exceeded 500,000 since it has been announced.