Step launches no fee banking app built for teens

Step announces $100,000 giveaway and partners with digital star Charli D’Amelio.

3 Teenagers holding up a Step Card smiling

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.

“Today’s teens grew up in the online world with technology serving as an integral part of their daily lives,” said CJ MacDonald, Founder and CEO at Step. “They expect to manage their money in the same way as their social media but banks have failed to keep up––largely overlooking this generation and their unique needs. Step was built to fill this gap, providing modern financial tools that enable teens to easily manage their money while helping to improve their financial literacy at an earlier age.”

CJ MacDonald
Step was built to fill this gap, providing modern financial tools that enable teens to easily manage their money while helping to improve their financial literacy at an earlier age.

Why choose Step

Charli D’Amelio
Unfortunately, we don’t always learn much about how to manage or save money as teens, so I’m excited to partner with Step to help teach people at my age about smart money habits.

Addressing the financial literacy crisis

71% are concerned about their credit score
44% worry about student loan debt
34% don't even have a bank account

The U.S. continues to move towards a cashless society

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About Step

About Visa

About the Giveaway

  • Step is a financial technology company not a bank Banking services provided by Evolve Bank Trust Member FDIC The Step Visa Card is issued by Evolve Bank Trust pursuant to a license from Visa USA Inc Visa is a registered trademark of Visa International Service Association

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