Step surpasses one million users in four months

Mar 15, 2021 0 comments

Step, the new modern-day financial services company built for teens and families, today announced it has crossed one million users. A first of its kind, Step offers users the ability to build credit before they turn 18 through a free, FDIC insured bank account, secured spending card and P2P payments platform. The company also recently closed a new venture debt facility and added major star power with baseball legend Alex Rodriguez and digital megastar Josh Richards joining Step as investors.”

Step surpasses one million users
Year after year, harrowing statistics have been reported about the state of financial literacy in the U.S. with 34% of teens unbanked, only 21 states teaching personal finance content in school and college students graduating with an average of $5,000 in credit card debt. Consumers have had enough and they’re looking for not just a better product, but a better partner. It takes less than two minutes to sign up for Step. There are no gimmicks or fees, and teens can start managing their money immediately, all from the palm of their hands.

According to Common Sense Media, teens spend an average of nine hours online every day catching up on news, following the latest trends and teaching themselves new skills. Learning is at the core of teen engagement on social media, making it the perfect place to start talking to them about the importance of financial literacy and how to avoid the common money pitfalls of past generations.

As Step continues to grow at an exponential rate, the company 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 was founded by financial industry veterans who possess 50+ years in combined financial technology experience from companies like Gyft, First Data, Square and Google. 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. To learn more, please visit: www.step.com.

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