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Celebrity-Backed Fintech for Teens, Step Receives $300M in Debt Funding
The app also launched a crypto trading feature, starting with bitcoin
By Brandy Betz
Updated May 9, 2023, 3:58 a.m. Published Oct 11, 2022, 4:46 p.m.
Youth-focused financial technology company Step has raised up to $300 million in debt funding led by Triplepoint Capital and Evolve Bank & Trust. The fresh capital will go toward building out the Step infrastructure and the launch of new products, according to the press release.
Step offers a secure Visa card that helps people under the age of 18 build up their credit history. With the funding round, Step launched a crypto investing feature that allows teens, with the permission of a parent or guardian, to buy and sell and receive Visa rewards in crypto denominations. Additional cryptos and stocks will be added to the service in the near future.
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To date, Step has now raised over $500 million in equity and debt financing. Financial backers have included Crosslink Capital, payments firm Stripe, Coatue, General Catalyst, TikTok star Charl D’Amelio, actor Will Smith, and musicians Justin Timberlake and The Chainsmokers, among others.
Read more: What Is Bitcoin?
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- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
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