The new round, led by General Catalyst, comes shortly after Step’s USD 50 million Series B, announced at the end of 2020. The new round also includes participation from Step’s existing investors, Coatue, Stripe, Charli D’Amelio, The Chainsmokers, Will Smith and Jeffrey Katzenberg, and brings on newcomer Franklin Templeton. It also includes actor and musician Jared Leto. Step is also formally announcing NBA All-Star Stephen Curry as an investor, which had not previously been disclosed, as well as former Square executives Sarah Friar, Jacqueline Reses and Gokul Rajaram.
According to TechCrunch, Step hasn’t yet spent the money from its Series B, but the additional funds can help the startup grow more quickly. The company is also planning to hire across operations, engineering, product, and design, to double its now 65-person team over the next year.
Through Step’s app, teens gain access to an FDIC-insured bank account without fees and a secured Visa card that helps them establish credit before they turn 18. The app also offers Venmo-like functionality for sending money to friends.
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