Teenager focused mobile banking startup Step has launched in the US.
In Brief:
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It raised $22.5mn Series A funding last year, led by Stripe.
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The round also included Will Smith’s Dreamers fund, and rapper Nas.
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Step offers teenagers a mobile-based account held with Evolve bank.
What does this mean?
Step wants to offer a transparent account with no hidden fees or overdraft costs for teenagers. It has also tried to market itself appropriately, partnering with dancer D’Amelio as a Tik Tok influencer. It plans to make financial education more accessible for young people.
