Step, the banking app for teens, announced that it reached the benchmark of one million users since it launched just four months ago.
Step offers financial tools for teens below the age of 18.
Users can claim a bank account and get a secure debit card. Step also has a peer payment system through which money can be transferred.
“The rapid adoption of Step reflects the evolving needs of today’s teens and we’re really excited to be working with partners like Alex and Josh to help push our financial literacy movement even further,” said CJ MacDonald, founder and CEO of Step.
The company recently secured $50 million in a Series B funding round.
MacDonald says that financial literacy is best learned at an early age to help kids make better decision as young adults.
Only 21 US states teach personal finance in school right now and 34% of teens do not have bank accounts, according to the company’s research.
“As someone who grew up with limited resources, financial literacy has always been a mission that resonates with me,” added Alex Rodriguez, chairman and CEO at A-Rod Corp.
“I tell my kids all the time that knowledge is power. Step is the type of tool that can empower young people by helping them understand personal finance and money management.”