Step Acquisition, Valuation, Funding & Investors

Step was acquired by Beast Industries in February 2026.

See full Step profile

Step acquisition price

Undisclosed

Acquired by Beast Industries · Feb 2026

Cumulative funding Step raised

$176M

across 4 funding rounds

Key investors in Step

  • Crosslink Capital
  • Collaborative Fund
  • Sesame Ventures
  • General Catalyst
  • Coatue
  • WndrCo
  • Stripe
  • Dreamers VC

Step Overview

About Step

Step is a financial technology company offering a mobile-first banking platform designed primarily for teens and young adults. Founded in 2018 by CJ MacDonald and Alexey Kalinichenko, the company provides FDIC-insured bank accounts, a Visa-branded spending card that builds credit history without requiring a security deposit, savings accounts, peer-to-peer payments, early paycheck access, and cashback rewards. Banking services are powered through a partnership with Evolve Bank & Trust. The platform has grown to over seven million users and attracted backing from investors including Stripe, General Catalyst, Coatue, and Collaborative Fund. In February 2026, Step was acquired by Beast Industries, the business venture of YouTube creator MrBeast (Jimmy Donaldson). The company is headquartered in San Francisco.


Founded

2018

HQ

United StatesSan Francisco, CA

Website

step.com

Status

Acquired

Customer focus

B2C

Revenue model

Subscription, Commission

Valuation

$886M (Apr 2021)

Step Acquisition

Step was acquired by Beast Industries for an undisclosed price on 9 February 2026.

Before the acquisition Step had raised $176M across 4 funding rounds.

Step acquisition details
AcquirerDateType
9 Feb 2026Strategic M&A

Step Valuation

Step is currently valued at $886M, based on its Series C in April 2021.

The $100M round was led by General Catalyst.

Step's valuation has grown 3.1x from $285M at its Series B in December 2020 to $886M in April 2021, across 2 priced rounds.

Step valuation by funding round

Step valuation by funding round
DateStageValuation
Apr 2021Series C$886M
Dec 2020Series B$285M

Step Funding History

Step has raised a total of $176M across 4 funding rounds.

Step's first fundraising round was a $4M seed round in January 2019. The most recent completed round was a $100M Series C in April 2021.

Step funding rounds

Step funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2021Series CGeneral Catalyst (lead)$100M$886MStep is a digital banking service designed for teens and families, offering financial tools with parental oversight to promote financial literacy and independence. On April 27, 2021, Step announced a $100 million Series C funding round led by General Catalyst, with participation from Coatue, Stripe, Charli D’Amelio, The Chainsmokers’ Mantis VC, Will Smith’s Dreamers VC, Jeffrey Katzenberg’s WndrCo, Franklin Templeton, Jared Leto, Stephen Curry, and former Square executives including Sarah Friar, Jacqueline Reses, and Gokul Rajaram. This brought total funding to over $175 million following a $50 million Series B in December 2020. At the time of the Series C, Step had surpassed 1.5 million users in less than six months since launch, adding over one million users since the prior round, driven by word-of-mouth, social media, influencer partnerships like Charli D’Amelio and Josh Richards, celebrity backers such as Justin Timberlake, and a referral program. The funds were intended to accelerate growth, invest in infrastructure, and potentially expand into investments, as signaled by Franklin Templeton’s participation, despite the company not yet spending its Series B capital. Kyle Doherty from General Catalyst joined Step’s board post-funding. Step’s growth addressed the gap where 38% of teens reported lacking financial resources for independence, positioning it to educate millions through its platform.
Dec 2020Series BCoatue (lead)$50M$285MStep is a fintech company offering mobile banking services tailored for teens and families, including FDIC-insured bank accounts, Visa-backed secured spending cards, and fee-free P2P payments to promote financial literacy and independence. Launched in October 2020, it rapidly grew to over 500,000 users within two months, demonstrating strong initial demand among Gen Z, a demographic with significant spending power estimated at $75 billion. On December 2, 2020, Step announced a $50 million Series B funding round led by Coatue, with participation from returning investors Stripe, Crosslink Capital, Collaborative Fund, and Will Smith’s Dreamers VC. New investors included celebrities like Charli D’Amelio, Justin Timberlake, The Chainsmokers, Eli Manning, Kelvin Beachum, Larry Fitzgerald, Andre Iguodala, and executives from Facebook, Square, Venmo, and Visa. This brought total funding raised to over $75 million, following a $22.5 million Series A in June 2020 led by Stripe. The investment validates Step's product-market fit amid massive consumer demand post-launch. Funds will accelerate growth, expand the team (which doubled since the pandemic started), and support product innovation, potentially including credit cards and loans to avoid predatory fees. Coatue's Michael Gilroy joined the board, emphasizing Step's technology and grassroots approach to capture the next generation's financial habits shaped by recessions. Step partnered with Charli D’Amelio, leveraging her 100+ million followers for financial education. By April 2021's Series C, Step had raised over $175 million total and surpassed 1.5 million users, adding over one million since the Series B, with investors like General Catalyst, Jared Leto, and Stephen Curry.
Jun 2019Series AStripe (lead); Sesame Ventures; Nasir Jones; Noah Goodhart; WndrCo; Kevin Gould; Matt Rutler; Jonah Goodhart; Ronnie Lott; Collaborative Fund; Crosslink Capital; Dreamers VC$23M--
Jan 2019SeedCrosslink Capital (lead); Sesame Ventures; Collaborative Fund$4M-Step raised $3.8 million in a seed round in January 2019 led by Crosslink Capital, with participation from Collaborative Fund and Sesame Ventures. The funding supported development of the initial product and launch of the platform, which provides no-fee mobile banking services for teenagers, including bank accounts with attached payment cards in partnership with Mastercard and Evolve. Step launched a waitlist in January 2019, amassing 500,000 interested users shortly after. The round preceded a Series A of $22.5 million in June 2019 led by Stripe, with previous investors including Crosslink Capital, Collaborative Fund, and Sesame Ventures also participating, bringing total funding to under $30 million at that point. Valuation was not disclosed for the seed or Series A rounds. Step targeted the U.S. market, where there are nearly 50 million teenagers, focusing on mobile-based financial services amid rising smartphone usage for payments like Uber.

Who has invested in Step?

14 investors have backed Step across its funding rounds, including Crosslink Capital, Collaborative Fund, Sesame Ventures, General Catalyst, Coatue and WndrCo.

Lead investors include General Catalyst, Coatue, Stripe and Crosslink Capital.


Step Investors

Investors in Step by funding rounds participated
InvestorHQRoundsRoleFirst check
Sesame VenturesUnited StatesNew York City, NY2ParticipantJan 2019
Collaborative FundUnited StatesNew York City, NY2ParticipantJan 2019
Crosslink CapitalUnited StatesSan Francisco, CA2LeadJan 2019
General CatalystUnited StatesSan Francisco, CA1LeadApr 2021
StripeUnited StatesSan Francisco, CA1LeadJun 2019
Nasir JonesUnited StatesNew York City, NY1ParticipantJun 2019
Noah GoodhartUnited StatesUnited States1ParticipantJun 2019
WndrCoUnited StatesLos Angeles, CA1ParticipantJun 2019
Kevin GouldUnited StatesMiami, FL1ParticipantJun 2019
Matt Rutler--1ParticipantJun 2019
Jonah GoodhartUnited StatesNew York City, NY1ParticipantJun 2019
Ronnie LottUnited StatesSan Jose, CA1ParticipantJun 2019

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Step Competitors

Step competitors include listed companies like Wema Bank and Forbright Bank, and private ones like Vivid, Hala, Omnio and TNG FinTech Group.

Public and private companies comparable to Step
CompanyHQStatusRevenueValuation
VividGermanyBerlinPrivate-$886M
Wema BankNigeriaNigeriaPublicly listed$312M$885M
HalaSaudi ArabiaRiyadhPrivate-$900M
OmnioUnited KingdomLondonPrivate-$900M
TNG FinTech GroupHong KongHong KongPrivate-$860M
Forbright BankUnited StatesUnited StatesPublicly listed$325M$956M

Step Public Comps

Step is no longer listed, but its public comps include Wema Bank, Forbright Bank, Superbank Indonesia, Judo Bank, Agibank, Green Dot, Bank Jago, Rhino Bitcoin, PicPay and Morrow Bank.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Wema Bank$312M-2.8x---
Forbright Bank$325M-2.9x---
Superbank Indonesia$89M-10.8x---
Judo Bank$368M-2.2x2.1x--
Agibank$1.3B$227M0.8x0.6x4.4x5.3x
Green Dot$2.1B($12M)0.4x0.3x(63.9x)4.2x
Bank Jago$145M-5.1x3.7x--
Rhino Bitcoin$478K($417K)1242.8x-(1423.4x)-

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Common questions about Step

When was Step founded?Step was founded in 2018.
Where is Step headquartered?Step is headquartered in San Francisco, CA, United States.
Is Step publicly listed?No, Step was acquired by Beast Industries in February 2026.
Who acquired Step?Step was acquired by Beast Industries in February 2026.
What is Step's valuation?Step was last valued at $886M in its Series C in April 2021.
How much funding has Step raised?Step has raised $176M across 4 funding rounds.
What was Step's last funding round?Step's last funding round was a $100M Series C in April 2021, led by General Catalyst.
Who are Step's investors?Step's investors include Sesame Ventures, Collaborative Fund, Crosslink Capital, General Catalyst, Stripe, Nasir Jones, Noah Goodhart, WndrCo, Kevin Gould, Matt Rutler and 4 others.
Which companies are comparable to Step?Companies comparable to Step include Vivid, Wema Bank, Hala, Omnio, TNG FinTech Group and Forbright Bank.

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