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  • Teen Banking Biz Nabs Celebrity Backing In $100M Series C – Law360

 April 27

by Carolina

Law360 (April 27, 2021, 6:15 PM EDT) — Step, a teen- and family-focused financial technology startup, announced a celebrity-studded funding round on Tuesday that raised $100 million.

California-headquartered Step said that with the latest financing, it had raised $175 million to date. Step offers free bank accounts, spending cards and a peer-to-peer payments platform geared toward young people, according to its website. The company has more than 1.5 million users, the majority of whom are first-time bank account holders, according to the announcement.

“Our mission is to help improve the financial futures of the next generation,” founder and CEO CJ MacDonald said in a statement. “Thirty-eight percent of teens…

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Original posted at www.law360.com

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