Several celebrities, including Justin Timberlake, are among the investors behind teen banking app Step’s new $50m Series B round.
Other celebrities backing the venture include Charli D’Amelio, Eli Manning, The Chainsmokers, Kelvin Beachum, Larry Fitzgerald and Andre Iduodala.
Coatue Management led the round, which also saw participation from Stripe, Will Smith’s Dreamers VC, CrossLink Capital and Collaborative Fund, Reuters reported.
Step is set up to enable parents to view their children’s balances and real-time spending as well as empowering them lock the kids out of their accounts if need be.
Since launching two months ago, the San Francisco-based startup has attracted over 500,000 users and will use the new cash injection to scale both its technology and its team.
Although, Step is hardly alone in having launched a service aimed at giving parents some oversight over their kids’ spending.
For instance, challenger banks Revolut and Starling Bank have both launched similar features this year.
Moreover, a wave of family-oriented FInTech companies have launched over the past few years.
Beanstalk, PCKT Money, Jassby, Greenlight Financial Technology and Pigzbe are just some of the companies that have launched services along a similar vein.
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