Nas and Will Smith are two of the initial investors in a new app that will strive to teach financial literacy to teenagers.
Step is an Apple Pay-integrated app that allows teens access to bank accounts with no minimum balance or fees. Parents will have the ability to monitor their children’s bank accounts and set limits and restrictions on their accounts via the app. Teens under 18 will be able to sign up for the app with limited functionality. The app also aims to give users money management advice.
“Schools don’t teach kids about money,” Step’s CEO and Cofounder CJ MacDonald said to Techcrunch about the app. “We want to be their first bank accounts with spending cards, but we also want to teach financial literacy and responsibility. Banks don’t tailor to this and we want to be a solution, teaching the next generation of adults to be more responsible with money in the cashless era.”
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