What is Step? Step Review, Features

Step is a US-based mobile banking platform for teens and is a next-generation financial services company that helps teens and young adults gain financial independence and knowledge at an earlier age, thereby building a positive banking experience.

About Step

• Step was founded by financial industry veterans CJ MacDonald and Alexey Kalinichenko to provide people with the financial tools they need to make smart financial decisions earlier. The Step team has more than 50 years of combined financial technology experience at companies such as Affirm, Google, Gyft, Square and Stripe.
• Step is comprised of a team with over 50 years of combined financial technology experience and the company's mission is to create a bank that provides teens with the tools to be smarter with their money and be rewarded along their financial journey.
• Headquartered in San Francisco, Step mainly provides teenagers with a secure account for peer-to-peer payments. Parents can view their children's balances and real-time activities, transfer money to their accounts, manage and freeze bank cards. Step's revenue mainly comes from exchange fees.

Step's Service Features

1. Eliminate unnecessary expenses

Users do not have to pay monthly fees, overdraft fees, ATM withdrawal fees, late payment fees, and there is no minimum balance requirement for the account.

2. Understand consumption habits

Providing users with account balance tracking at any time helps the service understand teenagers' spending so that parents can provide necessary financial guidance.

3. Build a credit history

Help your teen reduce the cost of car insurance, student loans, and more by building their credit history.

4. Instant Funding Platform

Through the P2P payment platform, it helps users complete fund transfers between parents and teenagers in seconds.