US-based financial start-up Step has designed a mobile-driven banking app aimed at Americans aged between 16 and 21.
It raised $22.5m (£17.7m, €20m) during its second round of funding and has seen donations coming from several A-list celebrities, including Hollywood actor Will Smith.
The sum that the actor invested in the company is unknown, but the contribution was made through Smith’s personal fund, Dreamers.
Learn about money
The inspiration behind Step came from the fact that young people are not taught about how to deal with their finances.
“It isn’t easy learning how to be good at money,” the start-up said.
“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.
“We are building [Step] to help people achieve financial independence and knowledge at an earlier age.”
Incentives for learning
Its goal is to teach teenagers how to be responsible with their money and how the financial services work.
Step also rolled out a student ambassador programme, called Step Squad, that rewards people who complete monthly tasks and activities, as well as those who promote the app.
Despite not yet being available, Step already has over 500,000 potential users who have joined the waiting list to access its services.
