Step Launches No-Fee Teen Banking App Powered by Evolve Bank & Trust
Step launched its free banking app for teens and families on October 2, 2020, offering FDIC-insured bank accounts and personalized Visa cards with no fees or interest charges. The banking infrastructure is powered by Evolve Bank & Trust, which provides FDIC insurance up to $250,000. The product is designed to help teenagers build credit history in a safe, fee-free environment.
The launch followed a successful pilot program that attracted over 100,000 users, demonstrating strong demand for teen-focused financial products. Step promoted the launch with a $100,000 giveaway and enlisted TikTok influencer Charli D'Amelio for promotion. The partnership exemplifies the BaaS model, with Evolve Bank & Trust providing the regulated banking backbone while Step handles the consumer-facing fintech experience targeting an underserved demographic.
- Validates the BaaS model for reaching underserved demographics like teens through fintech-bank partnerships
- Evolve Bank & Trust continues to expand its BaaS footprint as a preferred sponsor bank for consumer fintechs