GOOD NEWS: Will Smith And Nas Team Up To Invest In Teen Financial Literacy App
It’s Friday, and you might be looking for some good vibes to carry you into the weekend. WELL, GOOD NEWS! We got them.
According to a new report this week, Will Smith and Nas have invested in the teen financial literacy app, Step.
The app, which is Apple Pay-integrated, will enable teens to access bank accounts with no minimum balance, no fees and advice on how to manage their money.
Parents will also have the option to monitor their children’s bank accounts and set limits. The goal here is to teach kids about money and how to handle it before they step out into the real world.
The CEO/co-founder of the Step app, CJ MacDonald, had this to say about the product…
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. Banks don’t tailor to this and we want to be a solution, teaching the next generation of adults to be more responsible with money in the cashless era.
As teens grow up we want to grow with them… We will start offering products when they go to college, for example lending money to get books or computers
The app has reportedly accumulated funding of at least $22 million, and since its waitlist launched in January, over 500,000 names have signed up to show their interest in joining.
Hopefully this is a game changer in the banking world. It’s hard to imagine a bank that’s actually looking out for you, but hopefully this app maintains its dignity and truly helps kids learn about money. Heck, I know some adults who could benefit from this.