Will Smith and Nas are on a mission to teach youngsters the importance of money management. According to The Atlanta Voice, the actor and rapper invested in an app designed to educate teenagers about the facets of financial literacy.
The app—which is named Step—was created by entrepreneur CJ MacDonald. It’s a no-fee banking platform that will allow teenagers to manage their accounts and exchange money with their family and friends. Parents have the ability to monitor their child’s spending through the app. The creators of the app wanted to give teens hands-on experience with managing their funds. As technology advances and shapes the way that consumers are spending money, those involved with bringing the app to fruition wanted to ensure that the younger generation is equipped with knowledge about making smart money decisions in a digital age.
“Schools don’t teach kids about money,” MacDonald told Tech Crunch 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 of 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.” Aside from the support of Smith and Nas, the company has been backed by other angel investors and a group of venture capital firms that include Sesame Ventures, Crosslink Capital and the Collaborative Fund. Those investments have garnered the company $22.5 million in funding.
Several people are using their platform to spread awareness about the importance of financial literacy among the youth. In March, rapper 21 Savage led a workshop at a Georgia middle school about making informed and effective decisions when it comes to finances. He also joined forces with the nonprofit organizations Juma and Get Schooled for a collaborative effort to provide 150 students in Atlanta with job opportunities and financial literacy workshops.