Endless startups have eliminated the need to make physical visits to the bank — whether it’s making deposits, opening accounts, taking out loans, and payments as a whole.
In 2019, a simple app being backed by Nas and Will Smith will do all that for you.
The pair have invested in a new startup named Step, which builds mobile banking services for teenagers.
Rap stars Nas, Will Smith and payment processors Stripe led a funding round of $22.5 million. “Schools don’t teach kids about money. We want to be their first bank accounts with spending cards, but we also want to teach financial literacy and responsibility,” CEO and co-founder CJ MacDonald said in an interview. “Banks don’t tailor to this, and we want to be a solution teaching the next generation of adults to be more responsible with money in the cashless era. It was easy with cash to go to the mall but now everyone is using their phone for Uber and more,” CEO and co-founder CJ MacDonald added.
Step’s first market will be in the United States, which has a population estimated to be just under 50 million teenagers.
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