Teen financial platform Step lands $300m in debt funding
Step, the financial platform for teens and young adults, has secured up to $300 million in debt funding led by Triplepoint Capital and Evolve Bank and Trust.
The new funding brings the total capital raised by Step to $500 million in equity and debt.
Step plans on using the funds to develop its product infrastructure. It has also launched crypto investing for young adults, with the consent of a parent or legal guardian, allowing them to buy and sell Bitcoin. Step says it plans on adding stocks and other cryptocurrencies to the platform in due course.
Step has also unveiled Money 101, a six-part financial literacy programme for students and parents across the US to learn the foundations of modern banking.
Founded in 2018 and based in Palo Alto, California, Step provides banking and financial literacy services for teens and young adults in the US. It claims to be the first platform to allow people under the age of 18 build a “positive” credit history with their own Step Visa card. It also offers a cashback rewards platform.
“In less than two years, we’ve been able to help more than three million customers establish a strong financial foundation and begin to think about their long-term goals,” says CJ MacDonald, founder and CEO of Step.
“We’re thrilled to be able to offer teens and young adults the ability to build credit, budget, spend, save, earn and now invest in their financial futures directly within the Step App.”