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Nas and Will Smith have recently joined forces for the financial future of the youth. The mobile app gives teens the opportunity to learn more about financial literacy. These two legends have raised $22 million dollars with help from others for the non-fee banking app.
The start-up company Step, allows parents to monitor their kids spending. The app is tied with MasterCard, so as the teens grow, the services of the bank account grow with them. Step CEO and founder CJ MacDonald stated his reason why he created the app and why schools are to blame for financial illiteracy.
“Schools don’t teach kids about money. 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.”
This app helps ensure the next generations of adults to be able to manage their money responsibly in a cashless era. The app is currently available on Android and iOS.