The next Step in our journey….

Early waitlist adopters are now receiving invites to open Step accounts.

Last year we launched Step, a next generation banking solution for teens and families. Our goal has been to educate and empower Gen Z to be smarter with money and provide them tools to participate in today’s modern economy. We see a clear gap in the banking offerings available and designed specifically for the 35,000,000+ teens in the US.

When we launched we gave people the opportunity to sign up for our waitlist and refer friends. Our goal was to test demand, aiming for a 25,000 person waitlist in our first 12 months. The response far exceeded our expectations and we started signing up thousands of people a day. In our first year, over 500,000 people signed up for our waitlist which solidified further confidence that what we were building is needed.

Teens are widely underserved by traditional banks leaving the younger generation in the dark when it comes to money. Understanding the fundamentals of money is an essential life skill whether we like it or not. Schools do not teach kids about money and most families do not talk about it openly, so often people find themselves making costly mistakes early on. For me, there were plenty of expensive mishaps. During my freshman year, I signed up for several unwarranted credit cards. I did not understand the credit system at all. What is an open line of credit? How do interest rates work? What is a debt to income ratio? Why does my credit score matter? What is an overdraft fee?

College students alone spend over $1,000 in banking fees over a 4 year period. This does not include interest they pay on credit cards or student loan debt. On average a college graduate enters the real world with $5,000 in credit card debt and $35,000 in student loan debt making it extremely difficult to dig out of.

We are starting their financial journey younger for a reason; we want to build a relationship with the next generation when they need it and be their first bank account and spending card. They immediately resonate with apps like Venmo and Cash App but a key problem is per their terms and conditions you need to be 18 years old.

Step’s accounts are securely held, and FDIC insured through Evolve Bank and Trust. We do not charge any fees and we offer a secured VISA spending card that is accepted anywhere that Visa is. Your Step card is a secured Visa Credit Card that has proprietary Step Smart Pay built into it. This means no overdraft fees, no late fees, you can not spend more than what you have in your account and you can actually start building credit at an earlier age. With Step, a customer can set up their account in minutes, add their card to Apple Pay or Google Pay and begin making purchases right away. With our P2P platform, you can instantly send and receive money with friends and family on your Step account which is a feature that excites both teens and parents. If you are under 18 you need to have a parent or legal guardian sponsor your account in order to get a card. Step can have an immediate impact on our customer’s financial wellbeing and we will continue to build tools to enhance your financial education.

Step is the only all-in-one financial service company designed and built for teens directly, giving them the tools to jumpstart their financial journey. Our goal and mission have not changed; build a trusted banking platform that compliments today’s modern lifestyle and teaches not only teens but also families how to better manage money. Over the past year, we have raised almost $30,000,000 from top investors including Stripe, Crosslink Capital, Collaborative Fund, Will Smith and other top celebrities and investors who are behind our mission. Our team is ready as we move into a cashless era where digital content and transactions fuel our daily lives to offer innovation in financial services.

We have started onboarding customers from the waitlist and the overall response has been positive. Each week we will continue to invite more folks off of the waitlist so “join the waitlist” if you have not already and be on the lookout for your invitation.

We look forward to an exciting 2020 and appreciate the overwhelming support and demand!

Cheers,

CJ

Follow me on Twitter: @cjmacdonald

Follow Step on Twitter: @step

Follow Step on Instagram: @stepmobile