Step secures $300 million in debt funding, launches crypto investment service

Quick Take

  • Step, the banking service aimed at bringing young adults into the investment world, secured $300 million in debt funding, the company announced.

  • Step said it will expand into crypto investment services, and launched a financial literacy program to improve consumer education on banking and crypto.

Banking platform Step, which caters to a teenaged and young adult clientele, has secured $300 million in new debt funding.

Triplepoint Capital and Evolve Bank & Trust led the funding round, the company said in a press release.

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

In addition, the company launched a financial literacy program, Money 101, a six-lesson course that spans the banking sector to cryptocurrency investing, said Step.

With the funding secured, Step’s raise now totals $500 million, including 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.

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