Banking Service Step Secures $300 Million In Debt Funding

Step, a banking platform for teenagers and young adults, has raised $300 million in fresh debt capital.

According to a press release, the investment round was spearheaded by Triplepoint Capital and Evolve Bank & Trust.

The funding round announcement coincided with the company’s launch of a crypto investment platform aimed at minors and young adults, who will be able to buy and sell Bitcoin (BTC) with the consent of a parent or legal guardian, with additional stocks and cryptocurrencies expected to join the platform soon, according to Step.

The fundraising announcement coincides with the launch of the company’s crypto investment platform for teenagers, under the supervision of a parent or guardian, to buy and sell Bitcoin and receive token rewards Visa in the crypto denomination. But the app has just implemented Bitcoin and will add other cryptocurrencies and stocks in the future.

Step’s total capital currently stands at $500 million, which includes debt and equity financing from investors such as Crosslink Capital, Stripe, Coatue, General Catalyst, Triplepoint Capital, Charli D’Amelio, Stephen Curry, Justin Timberlake, Will Smith, The Chainsmokers, Alex Rodriguez, and others.

The business established Money 101, a six-lesson course that covers everything from banking to cryptocurrency investment, according to Step.

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