LONDON (Reuters) – Teen banking app Step has raised $50 million (37.4 million pounds) from investors led by Coatue Management alongside celebrities such as singer Justin Timberlake, influencer Charli D’Amelio and former quarterback Eli Manning.
Step, which offers teenagers a bank account connected to a secured spending card and peer-to-peer payments, also said it had secured funding from existing backers including Stripe, Will Smith’s Dreamers VC, CrossLink Capital and Collaborative Fund.
San Francisco-based Step allows parents to view balances and real-time activity, add money to their teens’ accounts and manage and freeze cards. It does not charge fees but makes money from card interchange.
Other stars involved in the fundraising included The Chainsmokers, Kelvin Beachum, Larry Fitzgerald and Andre Iguodala, Step said in a statement on Wednesday.
The startup, which has attracted more than 500,000 users since launching two months ago, will use the funding to grow the team and