About Step Mobile
Step Mobile provides banking services aimed at helping individuals under 18 build a positive credit history. Their main product is a secured Visa Credit Building Card, which allows users to establish credit early, along with a savings account offering a 5.00% interest rate for qualifying deposits. Users can also invest in fractional shares of stocks, ETFs, and bitcoin with no commission fees. Step Mobile operates on a subscription model, charging $99 per year, and aims to make banking and investing accessible for younger audiences.
Palo Alto, CaliforniaHeadquarters
2018Year Founded
$171.5MTotal Funding
DEBTCompany Stage
Fintech, Financial ServicesIndustries
201-500Employees
Benefits
Health Insurance
Dental Insurance
Stock Options
Flexible Work Hours
Paid Vacation
Paid Parental Leave
401(k) Retirement Plan
401(k) Company Match
Risks
Competition from major tech companies pressures Step to maintain competitive interest rates.
Reliance on Evolve Bank & Trust poses risks if partnership disruptions occur.
Crypto investing exposes Step to regulatory scrutiny and market volatility.
Differentiation
Step offers a secured Visa card for credit building before age 18.
Step provides a 5.00% interest rate on savings with qualifying direct deposits.
Step allows fractional investing in stocks, ETFs, and bitcoin starting at $1.
Upsides
Increased interest in financial literacy boosts demand for Step's educational products.
Embedded finance trends could expand Step's reach and user base.
Fractional investing popularity supports Step's investment offerings for younger demographics.
Funding
Total raised$171.49 M
Latest valuation$500.00 M
StageDEBT
DEBT
9/30/2022$300
SERIES A
5/31/2019$22
$112.50 MSEED
1/31/2019$4
$19.00 M