What is Step?
Founded in 2018 and headquartered in Palo Alto, California, Step Mobile is dedicated to building mobile-first banking solutions tailored for teenagers. The company aims to provide a secure and accessible platform for younger generations to manage their finances, learn about money management, and engage with digital banking services. Step's innovative approach targets a demographic often underserved by traditional financial institutions, positioning it for significant market penetration.
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 Stripe, Sesame Ventures, Will Smith’s Dreamers fund, Nas, Collaborative Fund, Matt Rutler, Jonah Goodhart, Wndrco, Ronnie Lott, Crosslink Capital, Noah Goodhart, and Kevin Gould
Series B (2020): $50M led by Dreamers VC, The Chainsmokers, Collaborative Fund, Coatue Management, Andre Iguodala, Stripe Inc., Larry Fitzgerald, Kelvin Beachum, Eli Manning, Charli D'Amelio, Crosslink Capital Inc, and Justin Timberlake
Series C (2021): $100M supported by Stripe, The Chainsmokers, Charli D’Amelio, Coatue, Will Smith, and General Catalyst
Debt (2022): $300M featuring TriplePoint Capital and Evolve Bank and Trust
Key Investors in Step
TriplePoint Capital
TriplePoint Capital is a global leader in venture finance, providing debt and equity financing solutions to venture capital-backed companies at every stage of development. They focus on partnering with innovative entrepreneurs and high-growth companies.
Stripe
Stripe is a technology company that builds economic infrastructure for the internet, providing businesses with software to accept payments and manage their businesses online. Their platform is designed to help businesses grow.
Coatue
Coatue Management, L.L.C. is an employee-owned hedge fund sponsor that primarily provides services to pooled investment vehicles, launching and managing hedge funds for its clients. They invest in public and private equity markets globally.
What's next for Step?
With the infusion of $300M in its latest funding round, Step is poised to accelerate its product development and expand its market reach. The company's strategic focus likely involves enhancing its mobile banking features, strengthening its user acquisition strategies, and potentially exploring partnerships to broaden its service offerings. This latest capital injection signals a strong investor confidence in Step's business model and its potential to capture a significant share of the youth financial services market.
See full Step company page
