Step
Teen banking that builds credit history before 18 via a secured spend card.
Teen banking + credit building, no fees.
- Who holds it
- A sponsor bank behind the brand — not the app you signed up with — Partner bank (Evolve).
- The ledger
- Split between a program manager and the sponsor bank — the modular setup that broke in Synapse.
- If it fails
- Any claim runs through the sponsor bank, and only works if the two ledgers reconcile.
Derived from Step’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · gen z & students |
| HQ | Palo Alto, US |
| Founded | 2018 |
| Custody | Custodial |
| Regulation type | Partner-bank model |
| License detail | Partner bank (Evolve) |
| Card | Visa · Debit + credit builder |
| Yield | ~4% savings goals |
| Stablecoins | No |
| KYC | Yes |
| Active regions | North America |
| Countries | United States |
| Founders | CJ MacDonald |
| Funding | ~$175M+ raised |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @step ↗
Common questions about Step
What is Step?
Step is a fiat neobank built for gen z & students, headquartered in Palo Alto, US and founded in 2018. Your money is held custodially, so Step or its partner bank holds the balance and you hold a claim on it. It operates on a partner-bank model (Partner bank (Evolve)).
Does Step have a card, and where can you use it?
It issues a Visa debit and credit builder card. It is available in North America.
Does Step require KYC?
Yes. Step requires identity verification (KYC) to open an account, as a partner-bank model.
What does Step cost?
From the verified fields: yield ~4% savings goals. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Step before relying on them.
Early investors
Head-to-head
Step vs Current · Step vs Greenlight
Peers
Chime · Wise · Varo · Current · SoFi · Ally Bank
Step appears in
Neobanks running on someone else’s banking license (81) · Neobanks available in North America (126) · Neobanks for gen z and students (8) · Neobanks that issue a Visa card (182) · Neobanks in United States (66)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.