Two of our forever favs, Will Smith and Nas, are still doing it big and have joined together to invest in a teen banking app.
We all know that Nas is the silent king of business investments and anything Will touches is gold, so this endeavor is bound to be a success. Step, is an all-in-one, user-friendly banking app designed for teens to use and gain financial literacy.
According to BusinessWire, the Step co-founder and CEO, CJ MacDonald states, “We want Gen Z to be more equipped and educated when it comes to money.” The app allows users an easy way to send and receive funds, shop online and has all the basic features of a checking/savings account. There is also a card linked with the account that can be used for purchases. The no minimum balance, no overdraft fees, interest-bearing mobile bank account will also allow parental access to monitor usage and set limitations or guidelines.
Smith and Nas are among 11 investors who collectively invested $22 million Series A funding for the project. Since the announcement of the app, there is a waitlist of over 500,000 interested users. Thus proving a market exists for people who are searching for innovative solutions to mobile banking experiences as we move into the future of cashless transactions.
Tech investments are the wave of the future and can be very lucrative if you have an understanding of market trends and needs.
Would you allow your child to set up an account with a mobile banking app, or would you stick with traditional banks?