Step raises $22.5 million in Series A funding round led by Stripe

· The investment comes as the company’s waitlist demand surpasses 500,000 individuals since the announcement of its offering.

· Apart from Stripe, Step’s present investors - Sesame Ventures, Collaborative Fund and Crosslink Capital also participated in the funding round.

Step Mobile, Inc., (Step), a renowned financial services firm, has reportedly announced that it has raised approximately $22.5 million in a Series A investment round for its innovative all-in-one banking solution.

Reports cite, the funding round was led primarily by Stripe with participation from Wndrco, Matt Rutler, Ronnie Lott, Noah & Jonah Goodhart, Kevin Gould Nas and Will Smith’s Dreamers fund as well as current Step investors Sesame Ventures, Collaborative Fund and Crosslink Capital.

According to a report by Venture Beast, the latest investment brings the total capital raised by the modern-day financial services company to approximately $25 million. The company intends to utilize the new funds to expand the company’s workforce, offerings as well as user-base.

The company has reportedly partnered with Evolve, Mastercard & most recently Stripe to deploy the all in one banking solution with the intention of making it a teen’s first ever spending card as well as bank account.

The Co-Founder & CEO of Step, CJ MacDonald stated that parents & teens are ready for experiencing seamless mobile-banking, one that is designed meticulously for their needs. MacDonald further added that the company has partnered with some of the best players in the business to develop the correct solutions for the next generation.

The EVP Digital Partnerships, North America at Mastercard, Sherri Haymond stated that the young generation is digitally savvy as they’ve grown up in a world where technology was the mainstay of their daily lives. Haymond further added that Step has taken a commendable step for developing an offering for the generation in such a way that it facilitates proper education & acclimates the youth to finance.

According to reports, the investment also comes at a time where the company’s waitlist demand has surpassed 500,000 individuals since the announcement of its offering.

Source Credits: https://finance.yahoo.com/news/step-raises-22-5-million-141800912.html https://venturebeat.com/2019/06/06/step-raises-22-5-million-to-help-teens-manage-their-money/