Founded by CJ MacDonald and Alexey Kalinichenko, Step Mobile is a digital banking service built for adolescent-aged customers and their parents or "sponsors." The mobile neo-bank targets the pre-banked generation and was developed to teach teenagers financial literacy in primitive years.
Step provides its customers with a "spending card" similar to a debit card, and also allows users to make peer-to-peer (P2P) payments. Another feature of Step Mobile is that it is the first debit card that allows teens to begin building creditworthiness prior to the age of eighteen years old.
Since its founding in 2018, Step has received over $190 million in venture-backed funding and has also received investments from name-brand celebrities like Charli D'Amelio, Jared Leto, and NBA all-star Steph Curry.
In April of 2021, Step closed a $100 million Series C round of funding with investment support from Will Smith, The Chainsmokers, Charli D'Amelio, Stephen Curry, Stripe, Jeffrey Katzenberg, Jared Leto, General Catalyst, Franklin Templeton Investments, and Coatue.