Step launches equity investment, hits 4 million accounts and wins the Nasdaq Fintech Trailblazer Contest

Step, the all-in-one financial platform for the next generation, has launched equity investments, was named a FinTech Trailblazer and winner of the Nasdaq Data Link and FinTech is Femmes competition.

Nasdaq’s platform, Nasdaq Data Link in partnership with Nicole Casperson’s platform Fintech Is Femme, formerly WTFintech?, established an industry competition to highlight fintechs that reach a diverse group of market players through innovations in financial technology.

This award comes as Step surpasses 4 million accounts and launches equity investments, enabling teens and young adults to begin building long-term wealth in a safe learning environment. Step’s goal is to help the next generation develop healthy investment habits earlier in life.

“Investing is such a powerful financial tool, but it often feels out of reach and scary, even for adults,” said CJ MacDonald, CEO and co-founder of Step. “We believe that all teenagers and young adults should learn how to invest responsibly on their journey to achieving financial freedom.”

With Step, users can research over 1,000 stocks and ETFs, curate a portfolio based on risk ratings assigned to each security, and buy fractional shares for as little as $1. Ratings are determined by a proprietary algorithm that uses the volatility of each security as an index. If a user is under 18, a parent or guardian must open the share account and select a preferred risk threshold on the teenager’s behalf. Once set, teens can invest in securities matched to (or lower than) the risk limit their parents choose, and parents can monitor their Step app and make adjustments at any time.

With expansion into the stock market, Step goes beyond banking and solidifies itself as an all-in-one financial platform where the next generation can invest, save, earn, spend and build a positive credit history, even before they turn 18 — with no monthly fees.

Today, Step also announced StepFest 2023, an annual competition for high schools participating in the Money 101 program on campus. The program includes education and enrichment programs for financial literacy developed in collaboration with a national advisory board for the faculty. To date, it has affected more than 600,000 students at over 400 secondary schools.

“Step and Money 101 provided a wonderful opportunity for schools to prioritize financial literacy and engage students at multiple points in their journey to becoming financial critical thinkers,” said Dustin Voss, financial education specialist at Chicago Public Schools “We are grateful that they have helped coordinate school-based events at over 20 schools in our district and that families there are aware of the importance of financial literacy and the opportunities that are emerging in the modern economy with financial platforms like Step.”

The StepFest contest – which serves as a motivator to join Step and participate in Money 101, will run through March 31 and culminate in a $25,000 scholarship to the winning school along with a one-day music festival on their campus. An individual student can also win a $10,000 scholarship for further education. Last year, Cesar Chavez High School in Stockton, California welcomed StepFest to their campus, which was headlined by The Chainsmokers and hosted by Charli D’Amelio.