Urban Living: Nas And Will Smith Invest In App That Will Help Teens Learn Financial Literacy
21 Savage was on the Ellen Show to announce his charity which would help teach people financial literacy. It appears Nas and Will Smith are moving towards that same path. The rappers have reportedly invested in a banking app created by the startup company Step.
According to TechCrunch, Nas and Smith are but a handful of investors who gave over $22 million to the program.
“Schools don’t teach kids about money,” CJ MacDonald, the CEO and co-founder, said in an interview. “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.”
It’s understood the app is still in development and will feature no-fee banking for young people. It will first be available to the U.S. market and will help teens learn how to manage their money. However, the services they’re able to choose from will change as they get older.
“Today’s young people are digitally savvy, having grown up with technology as a mainstay in their day-to-day lives. As a result, we also need to ensure that they become familiar with the unique aspects of digital payments including providing education about the various finance and payment products available,” said Sherri Haymond, EVP Digital Partnerships, North America for Mastercard, in a statement. “Step has taken a thoughtful approach to developing an offering for teens and families that provides that first step in educating and acclimating today’s youth to help them gain confidence and awareness around their finances.”
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