Nas and Will Smith have teamed up to invest in a financial literacy app for teens.
According to Techcrunch, the start-up app called Step builds mobile-based banking services for teenagers. It will give teenagers access to bank accounts with no minimum balance, no fees, and money management tips.
CEO and co-founder of the app CJ MacDoanld said in an interview, “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.”
The publication reports that in addition to Smith and Nas, Jeffrey Katzenberg’s Wndrco, Ronnie Lott, Matt Rutler, Kevin Gould, and many others have also invested in the app.