About

Step Mobile provides banking services aimed at helping individuals under 18 build a positive credit history. Their main product is a secured Visa Credit Building Card, which allows users to establish credit early, along with a savings account offering a 5.00% interest rate for qualifying deposits. Users can also invest in fractional shares of stocks, ETFs, and bitcoin with no commission fees. The company operates on a subscription model, charging $99 per year, and aims to make banking and investing accessible for younger audiences.

Simplify's Take

What believers are saying

• Step's focus on financial literacy aligns with rising interest among Gen Z and Millennials.
• The rise of BaaS platforms enables Step to expand offerings without a full banking license.
• Step's built-in fraud protection and Zero Liability guarantee enhance user trust.

What critics are saying

• Increased competition from tech giants like Apple may pressure Step's savings rates.
• Step's reliance on Evolve Bank & Trust poses risks if the partnership faces challenges.
• Step's introduction of crypto investing may lead to regulatory scrutiny and volatility.

What makes Step Mobile unique

• Step offers a secured Visa card for credit building before age 18.
• Step provides a 5.00% interest rate on savings with qualifying direct deposits.
• Step allows fractional investing in stocks, ETFs, and bitcoin starting at $1.

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