TikTok’s most-followed content creator, Charli D’Amelio, has invested in her very first startup, and it’s a $50 million mobile banking service specifically aimed at teenagers.
In true D’Amelio fashion, Charli has decided to invest in her first company, Step, along with a slew of other celebrity investors.
What is Step?
Step is a mobile banking service directed toward teenagers aged 13-19, which announced this morning that it has raised over $50 million during its Series B funding stage.
Step has grown to over 500,000 users in two months after its official launch, and features a variety of elements seen in apps like Venmo and PayPal, allowing users to send money to friends via peer-to-peer technology.
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The service also offers its teen customer-base FDIC-insured bank accounts without any fees, easing their foray into the financial world. Step even gives users a Visa card that allows them to establish credit prior to turning 18.
Charli D’Amelio on her Step investment
As for Charli D’Amelio, she seems to be quite jazzed about the bank’s entire concept, having risen to prominence in the mobile world before turning 16 this year.
“As a Step partner and customer, I’ve been able to see firsthand how easy Step makes it to manage your money while providing the educational resources that today’s teens need but have largely been unable to find—myself included,” D’Amelio stated.
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“I’m excited to be able to use my platform to help close this gap and have made a direct investment in Step to help them develop even more useful products.”
Charli isn’t the only big name putting some stock into Step; A-list celebs like Will Smith, the Chainsmokers, and Justin Timberlake are also investing in the bank, making for a truly star-studded affair for the emerging company.
Step is planning to partner with even more celebrities and influencers in the future, and hopes to help its teenaged customer-base with everything from student loans to building credit in the long-term.
“Student loans are a big thing. Being able to extend credit to these folks. Being able to offer new products and services so they’re not paying these outrageous, predatory banking fees and high interest credit cards,” Step CEO MacDonald said of the service.
It looks like Charli is making big waves with this major investment, and all eyes are peeled to see if her 101 million TikTok followers will hop onto the Step trend, too.