What is Step?
Founded in 2018, Step Mobile operates at the intersection of financial technology and youth-oriented consumer services. By providing a comprehensive mobile banking platform, the company enables teenagers to manage their finances, build credit, and develop essential money management skills in a secure, digital-native environment. The firm's market position is defined by its ability to bridge the gap between parental oversight and financial independence, leveraging intuitive design and robust security protocols to capture a significant share of the next-generation banking market.
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 Collaborative Fund, Stripe, Sesame Ventures, Crosslink Capital, Noah Goodhart, Kevin Gould, Ronnie Lott, Matt Rutler, Will Smith’s Dreamers fund, Nas, Jonah Goodhart, and Wndrco
Series B (2020): $50M led by Stripe Inc., The Chainsmokers, Collaborative Fund, Coatue Management, Eli Manning, Charli D'Amelio, Dreamers VC, Kelvin Beachum, Crosslink Capital Inc, Justin Timberlake, Andre Iguodala, and Larry Fitzgerald
Series C (2021): $100M supported by Stripe, The Chainsmokers, Coatue, Charli D’Amelio, General Catalyst, and Will Smith
Debt (2022): $300M featuring TriplePoint Capital and Evolve Bank and Trust
Key Investors in Step
Stripe
Stripe is a technology company that builds economic infrastructure for the internet, providing essential payment processing and revenue management tools for businesses of all sizes.
Coatue
Coatue Management is a prominent hedge fund sponsor that invests in public and private equity, leveraging deep sector expertise to support high-growth technology enterprises.
Collaborative Fund
Collaborative Fund is a leading venture capital firm that provides strategic support and capital to entrepreneurs building companies that push the world forward.
What's next for Step?
Following its recent major strategic investment, Step is well-positioned to accelerate its product roadmap and deepen its market penetration. The company's focus is expected to shift toward scaling its user base and enhancing its suite of financial tools, potentially incorporating more sophisticated credit-building features and educational resources. As the firm matures, the integration of strategic capital will be pivotal in navigating the complexities of the fintech regulatory environment while maintaining its competitive edge in the rapidly evolving digital banking sector.
See full Step company page
