Step is a next generation financial services company building the best banking experience to help teens and young adults achieve financial independence and knowledge at an earlier age.
Step's mission is to create a bank that gives you the tools to become smarter with your money and reward you along your financial journey.
Step was founded in 2018 by CJ MacDonald, with Alexey Kalinichenko. The company is headquartered in Palo Alto, California.
Step allows people under the age of 18 to build a positive credit history with their own secure Step Visa Card, opening doors to better terms and more comprehensive financial products earlier in adulthood.
Step launched crypto investing with buying and selling bitcoin. Stocks and other cryptocurrencies will be added to the platform soon. The offering will also launch in conjunction with a financial literacy platform providing educational content for the kids and parents on Step’s app.
Step has nearly 4 million users on the platform and signing up around 15,000 accounts-plus a day. Unlike other fintechs, Step does not charge fees of any kind and enables teens to start building credit earlier by simply using their Step Card.
Step is backed by Coatue, General Catalyst, Stripe, Triplepoint Capital, Crosslink Capital, Collaborative Fund, Franklin Templeton, Dreamers VC, Evolve Bank & Trust, Charli D’Amelio, Justin Timberlake, and others. The company raised $300M in debt financing on Oct 11, 2022. This brings Step's total funding to $491.3M to date.