Digital banking service Step secured $300 million in a new round of debt financing, which coincided with the company’s launch of a crypto investment platform targeting minors and young adults, its key clientele.

The banking platform’s financing round was handled by Triplepoint Capital and Evolve Bank & Trust, the company said.

According to the company, minors and young adults can only use the new crypto investment platform with the consent of a parent or legal guardian to buy and sell. bitcoinwith additional stocks and cryptocurrencies to join the platform soon.

Along with the new platform, Step also introduced Money 101, a financial education program, a six-lesson course covering everything from banking to cryptocurrency investing.

According to The Block, with funding secured, Step’s raising now stands at $500 million, including debt and equity financing, from investors including Crosslink Capital, Stripe, Coatue, General Catalyst, Triplepoint Capital, Charli D’Amelio, Stephen Curry, Justin Timberlake. , Will Smith, The Chainsmokers, Alex Rodriguez and others.

Previous step, in April 2021, it closed a $100 million Series C funding round after growing to over 1.5 million users just six months after launch.

The round was led by General Catalyst, which came on the heels of Step’s $50 million Series B.

Step competes in a crowded market of mobile banking services aimed at a younger demographic, but it is one of the few to target teens ages 13-18.

According to the company, the Step app allows teens to access a fee-free FDIC-insured bank account and a insured Visa card that helps them establish credit before they turn 18.

The app also offers Venmo-like functionality to send money to friends.

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