The two longtime friends have invested in a banking app created by the startup company Step. Nas and Smith are but a handful of investors who gave over $22 million to the program.
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.
Since launching the waitlist in January, over 500,000 people have signed up. The app led by Stripe saw backing from Will Smith’s Dreamers fund and Nas.
Step CEO and co-founder CJ MacDonald said, “Schools don’t teach kids about money… We want to be their first bank accounts with spending cards, but we also want to teach financial literacy and responsibility.”