Step

Step is a consumer financial technology company offering an "all-in-one money app" aimed at younger users and their families. Its core product is the Step Visa Card paired with a fee-free, FDIC-insured deposit account, through which users can build credit history with everyday purchases, earn cashback, hold savings, and send and receive money via a peer-to-peer payments feature. The company states that it is a financial technology company rather than a bank, with banking services provided by Evolve Bank & Trust, Member FDIC; earlier materials cite FDIC insurance up to $250,000, while current site and app materials cite coverage up to $1,000,000.

The current product set includes at least 1% cashback on card purchases and up to 10% at rotating merchants, a 3.00% savings reward available through the paid or direct-deposit-qualified Step Black tier, stock investing, early access to paychecks, and Step EarlyPay, an interest-free advance of between $20 and $250. Step also markets a rewards program in which Step Black members can earn credits from partner offers, and family banking for multiple household members. At launch the platform was positioned specifically for teens, offering the ability to begin building positive credit history before age 18 with no fees.

Step's website carries an announcement that Beast Industries has acquired the company, framing the deal as a way to expand the Step platform and address financial literacy.

Founding story

Step was founded by CJ MacDonald and Alexey Kalinichenko, described as financial industry veterans, to give teens and their families modern banking tools and promote financial literacy. The founding team was reported to have more than 50 years of combined financial technology experience from First Data, Google, Gyft and Square.

Business model

Step distributes a card and deposit account through a partner bank (Evolve Bank & Trust) rather than holding a banking charter itself. Revenue-relevant elements disclosed in sources include a paid monthly membership for the Step Black tier (which can alternatively be unlocked via qualifying direct deposit), fees for instant transfers of EarlyPay advances, and card-based spending; the company states it charges no interest and no hidden fees, and its early positioning was explicitly fee-free.

Consumer fintech monetization: Step Black membership fees (waivable with qualifying direct deposit), optional instant-transfer fees on EarlyPay advances, and interchange-linked card spending, alongside partner-merchant reward offers. Step states it charges no interest and no hidden fees.

Traction

More than 1.5 million users within less than six months of launch (April 2021), with over one million users added since December 2020; app-store materials cite trust from over 7 million users and more than 1 million Android downloads; the company's site cites more than 100,000 app reviews. Step reports, based on a TransUnion analysis of 594 users aged 21-27, an average credit-score increase of 57 points in the first year of Step reporting to the credit bureau.

Latest developments

Step's website announces that Beast Industries has acquired the company, with both parties describing a focus on closing the financial literacy gap and expanding the Step platform. The current product line-up includes Step Black with 3.00% savings and up to 10% cashback, Step EarlyPay advances up to $250, stock investing and early paycheck access; the Android app listing was updated in August 2026.