Will Smith-Backed Teen Banking Service Step Announces $100M Series C Investment
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Will Smith-Backed Teen Banking Service Step Announces $100M Series C Investment

Step, a teen banking service backed by the likes of Will Smith, has announced another successful fundraising round.

TechCrunch is reporting that the company has raised $100 million in its latest, Series C investment funding round. The round was led by General Catalyst, and came hot on the heels of the company’s Series B funding round, which raised $50 million.

In addition to the teen banking service’s existing investors, the Series C funding round saw participation from the likes of Coatue, Stripe, Charli D’Amelio, The Chainsmokers, Will Smith, and Jeffrey Katzenberg. Franklin Templeton investments also invested in the company for the first time for this Series C round, as well.

Finally, the teen banking service exclusively announced that NBA star Steph Curry has joined the list of investors for this Series C round, as well. Newcomer investors and former Square executives Sarah Friar, Jacqueline Reses, and Gokul Rajaram round out the impressive list of funding parties.

That brings the grand total of Step’s fundraising efforts to a staggering $191 million, according to Crunchbase.

“We’ve signed up more than a million and a half accounts in the first six months,” Step CEO CJ MacDonald told TechCrunch. “We’re signing up 10,000 accounts-plus a day, and there’s just a lot of things that we want to do to bring this to millions and millions of households to help educate the next generation be smarter with money. Honestly, we don’t need the capital. It’s just we think speed to market is really key and we think we can accelerate our growth and invest in infrastructure.”

Founded in 2018 by Alexey Kalinichenko and CJ MacDonald, Step is a San Francisco-based teen banking service that aims to help teens and young adults achieve financial independence and knowledge at an earlier age. The company’s mission is to create a bank that gives its users the tools to become smarter with their money and reward them along their financial journey.

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