Nas and Will Smith are reportedly investing in a new mobile banking app that teaches teens about financial literacy.
Step, the startup company at the center of Will Smith’s and Nas’s initial investment, will provide banking services for teens no minimum balance and no fees with the objective of advising them on how to manage their money. The app will also provide parents with the option of monitoring their children’s finances.
CJ McDonald, CEO, and co-founder of Step said in a statement:
“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. It was easy with cash to go to the mall but now everyone is using their phone for Uber and more.”