Nas & Will Smith Invest In Mobile Banking App Geared Towards Teens
Two music legends have teamed up to give teens a jumpstart on their financial future by investing a new mobile banking app. Iconic hip hop artist Nas and superstar actor/rapper Will Smith are joining forces to ensure that today’s teen are financially literate—and they’re putting their money where their mouth is.
It’s no secret that the best way to become a financially sound individual is to start the process as early as possible—which is a stance Nas and Will Smith are taking by investing into a mobile banking app geared to teens. The start-up company is called Step and its aim is to assist teens with financial literacy in various forms.
If you’re wondering how it works, it’s pretty simple. The app will be tied to a MasterCard, which allows parents to get oversight into their teen’s spending and as the teens grow, the services of the bank account grow with them.
Step CEO and founder CJ MacDonald stated why he created the app and why schools are primarily to blame for its need:
“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.”
Nas and Smith are two of the high-profile investors, however there were others who helped the company raise $22.5 million to officially get the no-fee banking app up and running.
What are your thoughts on Nas and Will Smith’s investment? Let us know in the comments!