Step, a U.S.-based financial services company built for teens and families, announced on Thursday it has crossed one million users in less than four months of its launch. Founded in 2018 and launched last year, Step describes itself as the 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.
“It isn’t easy learning about money. Schools don’t teach you and families don’t always talk about finances. Traditional banks make it even harder to get ahead by charging fees for standard services like checking accounts, atm’s and even spending cards. Our 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 gives you a free bank account with zero fees. Track your balance and see your transactions from the Step mobile app. You can also send and receive money instantly on your phone, shop with a personalized spending card and earn rewards for inviting your friends to Step.”
Speaking about the company’s latest milestone, CJ MacDonald, Founder and CEO at Step, stated:
“We’ve seen explosive growth since Step’s launch a few short months ago and we’re thrilled to be helping so many teens and families tackle money management. The rapid adoption of Step reflects the evolving needs of today’s teens and we’re really excited to be working with partners like Alex and Josh to help push our financial literacy movement even further.”
Step went on to add that as it continues to grow at an exponential rate, it recently closed a venture debt facility with Bridge Bank to prepare for future capital growth needs and focus on becoming the number one banking platform for the next generation. Step is backed by Coatue, Stripe, Crosslink Capital, and Collaborative Fund. Step’s financial products are powered by its bank partner Evolve Bank & Trust, Member FDIC and insured up to $250,000.
