Will Smith, Justin Timberlake among investors in digital bank Step

Step, a digital bank for teenagers, named several celebrities and executives from major companies as investors in its latest round of funding.

On Wednesday, the San Francisco company announced a $50 million series B round of funding, led by investment advisory Coatue Management with participation from returning investors Stripe, Crosslink Capital, Collaborative Fund and singer and actor Will Smith’s Dreamers VC. New investors include dancer and social media personality Charli D’Amelio, singer Justin Timberlake and musical duo The Chainsmokers, former National Football League quarterback Eli Manning, as well as executives from Facebook, Square and Visa.

Step launched to the public in September and has more than 500,000 users. Its no-fee account and app is meant for teens, but those under 18 will need a parent to “sponsor” and oversee the account. Step offers peer-to-peer payments, reminds users of their balances when they make a transaction and lets users build their credit through the debit card by reporting repayment behavior to credit bureaus. Deposits are held by the $647 million-asset Evolve Bank & Trust in West Memphis, Ark.

American Banker