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 young individuals with the tools and knowledge to manage their finances effectively from an early age. By offering a user-friendly platform, Step seeks to bridge the gap in financial education and empower the next generation with essential money management skills. The company's focus on a demographic often underserved by traditional financial institutions positions it uniquely within the fintech landscape.
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, Ronnie Lott, Will Smith’s Dreamers fund, Nas, Kevin Gould, Matt Rutler, Crosslink Capital, Collaborative Fund, Noah Goodhart, Jonah Goodhart, Wndrco, and Sesame Ventures
Series B (2020): $50M led by Kelvin Beachum, Crosslink Capital Inc, Justin Timberlake, Andre Iguodala, Eli Manning, Charli D'Amelio, Stripe Inc., Dreamers VC, Larry Fitzgerald, The Chainsmokers, Collaborative Fund, and Coatue Management
Series C (2021): $100M supported by Charli D’Amelio, Will Smith, General Catalyst, Stripe, The Chainsmokers, and Coatue
Debt (2022): $300M featuring Evolve Bank and Trust and TriplePoint Capital
Key Investors in Step
Collaborative Fund
Collaborative Fund is a venture capital firm that invests in entrepreneurs and companies aiming to improve the world. They focus on providing capital and strategic support, with a history of backing successful companies in various sectors.
Coatue Management
Coatue Management is an investment firm that engages in public and private equity investments. They are known for their global market hedging strategies and focus on technology and growth-oriented companies.
General Catalyst
General Catalyst is a venture capital firm that partners with entrepreneurs and management teams to build transformational businesses. They provide strategic capital and operational support across various industries, with a focus on technology and healthcare.
What's next for Step?
The recent major strategic investment signals a pivotal phase for Step as it looks to scale its operations and enhance its product offerings. With substantial backing, the company is poised to expand its market reach, further develop its technology, and potentially introduce new financial products and services. This enterprise-level funding is expected to fuel innovation, strengthen its competitive advantage, and solidify its position as a leader in the youth-focused financial services sector. Step's strategic direction will likely involve deepening its engagement with its user base and exploring partnerships to accelerate growth.
See full Step company page
