Wednesday November 29, 2023

The Financial Literacy Movement

Steve Jennings-TechChrunc/Design: Alex Brooks
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Step, a financial services app, announced that it raised $100 million in a Series C funding round led by venture capital firm General Catalyst. 

The company also announced Steph Curry as a new investor, joining Alex Rodriguez on the list of athletes backing the company.

“As a parent of three young kids, I know what a critical life skill money management is, but it’s hard to know when and how to start talking to them about finances,” said Curry. “Step helps facilitate conversations about money.”

The company has now raised $175 million and has over 1.5 million users.

Several other athletes are making moves in the financial literacy space.

  • Kevin Durant and Chris Paul have invested in banking app Goalsetter, with former NBA player Baron Davis and ex-New York Yankees pitcher C.C. Sabathia joining them earlier this year. Durant also backed investing app Acorns in 2016.
  • In 2020, LeBron James opened a community hub for financial literacy and job training.
  • Former NFL player Wale Ogunleye, the head of UBS’s Athletes and Entertainers Client Segment, launched two financial literacy initiatives last month for college athletes.

With the latest round, Step plans to “accelerate investment in product infrastructure, building innovative products and features that help teens budget and save in a more intuitive way.”

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