Step, a San Mateo, California-based next-gen financial services company, and Kard, a French mobile banking start-up, are aiming to bring the seamless and smooth digital banking experience to teenagers.
Both companies are focused on addressing the needs of the underserved market in mobile banking. In the US alone, for example, there are 75 million children and young adults that fall under the age of 21.
According to CJ MacDonald, CEO, Step, the company is targeting the “pre-banked.” “We’re building an all-in-one banking solution that primarily focuses on teens and parents,” he says. “We want it to be a teen’s first bank account.” MacDonald’s previous startup – Gyft, was purchased by First Data.
MacDonald and CTO Alexey Kalinichenko, together launched Step last year, in May 2018. The company now has escalated to ten employees, some of whom have moved from Gyft. Step has some unique ideas that make the mobile banking platform much appealing, it allows parents to connect their own bank accounts with Step, thus enabling them to instantly transfer and manage funds. Furthermore, the Sab Mateo-based Step has the backing of Evolve Bank.
Kard, which was also established last year, in 2018, is headquartered in Paris.
The French startup offers its users a free account and a MasterCard. According to the company, “By putting technology front and center, we want to offer a seamless experience to the millions of youth, who will use our unique, fun and accessible product.”
Both Step and Kard’s services are yet to go live, but users are allowed to signup to their waiting lists.