Nas and Will Smith have invested in a new banking app for teens that will help them gain financial literacy. The startup company behind the app is called Step, and the two celebs participated in a funding round of $22.5 million, according to TechCrunch.
The app will be attached to a MasterCard, and parents will be able to view their child’s transactions, add money and place restrictions on their account.
The services will also change as teens get older. For example, it’ll lend money for computers and books when they get into college.
Nas has begun making a name for himself and his venture capital fund “QueensBridge Ventures.” Nas was a mid stage investor in Lyft before their IPO earlier this year. Nas’ fund was also an early stage investor in the doorbell company “Ring” whom experienced a hefty exit last year selling to Amazon for $340 Million.
The CEO and founder of Step, CJ MacDonald, said it makes sense to teach young people about money management through an app since most of them make purchases with their smartphones.
“Schools don’t teach kids about money,” he stated. “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.”
Will Smith and Nas teaming up to fund Step is part of a beautiful trend sweeping the nation. High profile musicians, movie stars, and businessmen are combining financial forces to make an impact in our communities.