PALO ALTO, Calif.--(BUSINESS WIRE)--Step, the all-in-one financial solution for the next generation, has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2022. Snagging the No. 3 spot in the “Small and Mighty” category, Step is recognized for successfully tackling the massive societal issue of financial literacy with out-of-the-box ideas and innovative solutions.
In fact, while millions of Americans have historically been underserved––with 34% of teens unbanked and 29 states failing to teach personal finance curriculum in the classroom––Step’s efforts are already starting to turn the tide. In just 1.5 years, the company has amassed nearly 3 million customers and helped 88% of Step teens open their first bank accounts.
“At Step we are committed to building an equitable platform that ensures every single teenager––regardless of their race, gender or socioeconomic status––can gain access to critical financial tools and education,” said CJ MacDonald, Founder and CEO at Step. “We want to empower the next generation to blaze their own trail and pursue their dreams without restraint and that starts with a solid understanding of financial literacy.”
In one of the most highly anticipated lists of the year, Fast Company reviewed thousands of applications, honoring an exemplary group of businesses that are making the biggest impact on their industries and culture as a whole—creating the future today with some of the most inspiring accomplishments of the 21st century.
“The world’s most innovative companies play an essential role in addressing the most pressing issues facing society, whether they’re fighting climate change by spurring decarbonization efforts, ameliorating the strain on supply chains or helping us reconnect with one another over shared passions,” said David Lidsky, Deputy Editor at Fast Company.
Step’s mission is to improve the financial futures of the next generation by giving Gen Z the tools they need to start making smart money decisions today. Through the Step App, teens and their parents gain access to a free, FDIC insured bank account, Step Visa Card (with no monthly or minimum fees) and P2P payments platform, enabling teens to start building a positive credit history now while teaching them how to budget, save and spend smarter so they can live life on their own terms.
To join our growing team of innovative problem solvers and financial literacy warriors, visit: https://step.com/careers.
About Step
Step was founded by financial industry veterans CJ MacDonald and Alexey Kalinichenko to provide teens and their families with financial tools for today’s modern-day banking needs and to promote financial literacy for the future. The founding team has 50+ years in combined financial technology experience from companies like Affirm, Block, Google, Gyft, Stripe and Wealthfront. The Series C company has raised more than $175 million in venture funding, backed by Coatue, Collaborative Fund, Crosslink Capital, General Catalyst and several other prominent investors. Step has nearly 3 million customers and its financial products are powered by its bank partner, Evolve Bank & Trust, Member FDIC and insured up to $250,000. To learn more, please visit: www.step.com.
About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation and design, engaging the most influential leaders, companies and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC along with our sister publication Inc. and can be found online at www.fastcompany.com.
