Step, a Palo Alto, California-based supplier of financial solutions for millennials, has raised $300 million in debt financing. Evolve Bank & Trust and Triplepoint Capital were the funding’s principal backers. The company plans to use the funds to quicken investments in product infrastructure, introduce cryptocurrency investing options, and quicken expansion.
Step was founded by financial industry veterans CJ MacDonald (Founder and CEO) and Alexey Kalinichenko (Co-Founder and CTO) to provide teens, their families and young adults with financial tools for today’s modern-day banking needs and to promote financial literacy for the future.
To date, Step has raised over $500M in equity and debt financing from Crosslink Capital, Stripe, Coatue, General Catalyst, Charli D’Amelio, Stephen Curry, Justin Timberlake, Will Smith, The Chainsmokers, Alex Rodriguez, and several other prominent investors.
Neobank Step has obtained up to $300 million in debt financing and bills itself as an “all-in-one financial solution for the next generation.” Evolve Bank & Trust and Triplepoint Capital contributed to the funding. This takes Step’s total funding to $500 million, according to Step.
This new funding will hasten the product’s ability to offer financial services to younger users. With a Step Visa Card, customers as young as 18 can establish a credit history and have access to investing and educational opportunities. Step said today that it has introduced cryptocurrency investing, powered by Zero Hash, enabling teenagers to buy Bitcoin and other cryptocurrencies in the near future.
Step also introduced Money 101, a six-lesson financial literacy course aimed at educating parents and children about the fundamentals of contemporary banking. Everybody can take Money 101, which is currently being offered at more than 100 high schools around the nation.