What is Step?
Founded in 2018, Step Mobile operates at the intersection of fintech and consumer banking, specifically targeting the teenage demographic. By providing a mobile-based banking platform, the company addresses the critical need for financial literacy and accessible digital money management tools. Step has effectively carved out a niche by integrating seamless payment technology with educational financial features, positioning itself as a primary financial hub for young users. The company's market position is bolstered by a diverse cap table that includes both institutional venture capital firms and high-profile strategic partners, reflecting broad confidence in its business model and long-term scalability.
How much funding has Step raised?
Step has raised a total of $472.5M across 4 funding rounds:
Series A
$22.5M
Series B
$50M
Series C
$100M
Debt
$300M
Series A (2019): $22.5M with participation from Kevin Gould, Will Smith’s Dreamers fund, Collaborative Fund, Ronnie Lott, Nas, Stripe, Matt Rutler, Sesame Ventures, Jonah Goodhart, Wndrco, Noah Goodhart, and Crosslink Capital
Series B (2020): $50M led by Eli Manning, Charli D'Amelio, Larry Fitzgerald, Kelvin Beachum, Dreamers VC, Crosslink Capital Inc, Justin Timberlake, The Chainsmokers, Collaborative Fund, Coatue Management, Andre Iguodala, and Stripe Inc.
Series C (2021): $100M supported by Charli D’Amelio, Coatue, Stripe, The Chainsmokers, General Catalyst, and Will Smith
Debt (2022): $300M featuring Evolve Bank and Trust and TriplePoint Capital
Key Investors in Step
Collaborative Fund
With over $500 million in assets under management, Collaborative Fund is a leading source of capital and strategic support for entrepreneurs pushing the world forward.
Crosslink Capital
Crosslink Capital is an investment firm that partners with ambitious early-stage founders to build category-defining companies, boasting over 50 exits including 17 IPOs.
Coatue Management
Coatue Management, L.L.C. is an employee-owned hedge fund sponsor that invests in public and private equity, providing significant capital support to high-growth technology firms.
What's next for Step?
Looking ahead, Step is well-positioned to leverage its recent capital influx to deepen its product offerings and expand its user base. The transition toward debt financing suggests a strategic shift toward optimizing balance sheet efficiency and supporting operational scale. As the company continues to refine its digital banking suite, the focus will likely remain on enhancing user engagement, strengthening regulatory compliance, and maintaining its competitive edge in the rapidly evolving fintech landscape. By aligning with institutional partners, Step is prepared to navigate the complexities of the financial services sector while maintaining its mission of empowering the next generation with essential financial tools.
See full Step company page
