The rappers, along with other investors, helped raise over $22 million for the app.
Earlier this year, 21 Savage visited the Ellen Show to announce his charity, a campaign that would help teach people financial literacy. He’s not the only rap figure with hopes that people learn better money management now that it’s been revealed that Nas and Will Smith have thrown their hats in the ring. The two longtime friends have reportedly invested in a banking app created by the startup company Step. According to TechCrunch, Nas and Smith are but a handful 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 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.”
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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. As they get older, the services they’re able to choose from will change.
“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 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 fering 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.”