Mobile banking for teens
Open for applications
Mobile banking for teens
201-500 employees
Open for applications
201-500 employees
To create a bank that gives users the tools to become smarter with their money and reward them along their financial journey.
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To create a bank that gives users the tools to become smarter with their money and reward them along their financial journey.
Few candidates hear
back within 2 weeks
10% employee growth in 12 months
Thanks to an increasingly mobile-native and plugged-in younger demographic, fintechs have a new market to play for: children and young adults. It’s led to a fierce competition, but Step is one of the players leading the pack.
Step’s offering is a fee-free, interest-free visa card, with instant payments and easy account management that is optionally controlled by a parent (or sponsor). The idea is to offer a relatively low-risk sandbox in which teens can build up financial literacy along with a good credit score, whilst enjoying the benefits of digital banking.
The well-funded teen banking service Copper is hot on Step’s heels, however, with both racing to add high-demand stock and crypto investments to their offerings. Onu and Acorns also offer investment opportunities for younger users, and Greenlight has carved out a strong (albeit more traditional) niche focusing on account security.
Some savvy TikTok marketing by Step, along with flashy backing from celebrity investors, has helped it rapidly onboard over 3 million users and cultivate strong name brand recognition among its social network-native demographic. Much depends on how fast it can bring new features to market, but with unprecedented funding awarded to Step in 2022, Step is well equipped to do so through a scale-up of its product infrastructure.
Freddie
Company Specialist
Apr 2021
$100m
SERIES C
Dec 2020
$50m
SERIES B
This company has top investors
Founders
CJ MacDonald
(CEO)Originally worked in senior Sales and Business Development roles at Synapse, LiveOps, and Luminate, the latter of which was acquired by Yahoo. Subsequently co-founded Gyft, ultimately acquired by First Data.
Alexey Kalinichenko
(CTO)Previously a Software Engineer at Microsoft and Google, before moving into a Senior Engineer role at Square. Left to serve as CTO for Token.
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