Step Raises $50 Million in Series B Funding Following Massive Consumer Demand From Its Recent Launch

Dec 02, 2020•over 4 years ago

Amount Raised

$50 Million

Round Type

series b

San Francisco

Description

Step, the new modern-day financial services company built for teens and families, today announced a $50 million Series B round of funding. The round was led by Coatue, with participation from returning investors Stripe, Crosslink Capital, Collaborative Fund and Will Smith’s Dreamers VC. Step also added several new investors including Charli D’Amelio, Justin Timberlake, The Chainsmokers, Eli Manning, Kelvin Beachum, Larry Fitzgerald and Andre Iguodala alongside prominent fintech executives from the likes of Facebook, Square, Venmo, Visa and others. To-date, Step has raised more than $75 million from investors.

Company Information

Company

Step

Location

San Francisco, California, United States

About

Step was founded by financial industry veterans CJ MacDonald and Alexey Kalinichenko to provide teens and their families with financial tools for today’s modern-day banking needs and to promote financial literacy for the future. The founding team has 50+ years in combined financial technology experience from companies like First Data, Google, Gyft and Square. Step is backed by Coatue, Collaborative Fund, Crosslink Capital, General Catalyst and Stripe. Step’s financial products are powered by its bank partner Evolve Bank & Trust, Member FDIC and insured up to $250,000. To learn more, please visit: www.step.com.

Funding Insights

Based on industry data

Tech investment trends

83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech