Will Smith and Nas have reportedly invested in the teen financial literacy app, Step. The app, which is Apple Pay-integrated, will enable teens to access bank accounts with no minimum balance, no fees and advice on how to manage their money.
Step will also give parents the ability to monitor their children’s bank accounts and set limits and guidelines in-app. Step CEO and co-founder CJ MacDonald said, “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. 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.”
MacDonald also told Techcrunch, “As teens grow up we want to grow with them… We will start offering products when they go to college, for example lending money to get books or computers.” The app has accumulated funding of at least $22.5 million USD according to Techcrunch. Since its waitlist launched in January, over 500,000 names have signed up to show their interest in the Visa-partnered app.
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