Step raises $50 million in Series B funding following massive consumer demand from its recent launch

Led by Coatue, the round includes Step partner Charli D’Amelio as well as several notable celebrity and Silicon Valley fintech investors.

Step founders, CJ MacDonald and Alexey Kalinichenko

SAN FRANCISCO — December 2, 2020 — Step, the new modern-day financial services company built for teens and families, today announced a $50 million Series B round of funding. The round was led by Coatue, with participation from returning investors Stripe, Crosslink Capital, Collaborative Fund and Will Smith’s Dreamers VC. Step also added several new investors including Charli D’Amelio, Justin Timberlake, Eli Manning, Kelvin Beachum, Larry Fitzgerald, Andre Iguodala and The Chainsmokers Mantis VC alongside prominent fintech executives from the likes of Facebook, Square, Venmo, Visa and others.

“Since Step’s launch, we’ve seen massive demand for this new type of all-in-one banking solution, making it much easier for teens to learn about money management,” said CJ MacDonald, Founder and CEO at Step. “We founded Step to help improve the financial future of the next generation and this investment not only validates what we’ve built, but it will also help us continue to innovate and grow with our users.”

We founded Step to help improve the financial future of the next generation and this investment not only validates what we’ve built, but it will also help us continue to innovate and grow with our users.
CJ MacDonald, Founder & CEO at Step

As this generation continues to mature, they’ve been vocal about the importance of establishing healthy financial habits — with many having lived through two recessions. We’ve invested in Step because we think their game-changing technology and grass-roots approach will help capture the next generation.
Michael Gilroy, General Partner at Coatue

As a Step partner and customer, I’ve been able to see firsthand how easy Step makes it to manage your money while providing the educational resources that today’s teens need but have largely been unable to find — myself included.
Charli D’Amelio, Digital Megastar

We’ve reinvested in Step because not only are their products built specifically for teens but they’ve started an important conversation around financial literacy that kids are actually engaged in.
Will Smith, Co-Founder at Dreamers VC

  • 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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