Charli D'Amelio Is Making Big Moves With Step Investment

Charli D'Amelio Is Making Big Moves With Step Investment

Charli D'Amelio is the most followed-content creator on Twitter, and at only age 16 knows a thing or two about the teen demographic. Therefore, it should not be surprising that she chose teen mobile banking service, Teen, as her first startup investment. The social media starlet invested $50 million into the mobile banking service during the Series B funding round along with several other notable celebrities and athletes. Charli has been heavily involved with Step which no doubt helped sway her towards becoming an investment partner.

Charli Partnered with Step Before Investing

Prior to the announcement of her investment in Step, Charli D'Amelio partnered with teh company as a social media promoter. She has spoken to her teen base frequently about Step and encouraged them to become more financially literate to protect their futures. It's actually a smart move since it will encourage her fans to download Step and protect her financial future as well. As part of a press statement, Charli stated that as a partner and Step investor she can see the importance of teaching teens to manage their money properly.

She is Not the Only Celebrity to Endorse Step

While Charli is proud to endorse and use the Step mobile banking app, she is not the only celebrity to jump on board. During the Round B series of funding several notable celebrities also jumped on board to show their support including the Chainsmokers, Eli Manning, Justin Timberlake, Larry Fitzgerald, Kelvin Beachum, and Andre Iguodala. The Chainsmokers are said to be talking about potentially promoting Step via their social media accounts as well but details about the partnership are not yet released. It is likely that Step will continue to leverage its celebrity sponsorship to reach a larger teen customer base.

Why Charlie is a Good Fit for Step

At age 16, Charlie fits the exact demographic of Step's target customer. Step is a mobile banking service marketed at teenagers between the ages of 13-19. As part of its offerings, teens can sign up for FDIC insured bank accounts designed to be used by teens. There are no fees associated with the accounts and Step offers a Visa card to teens so they can start building a positive credit history before their 18th birthday. In the future Step hopes to expand its offerings to include student loans and other credit-building financial products as they grow and evaluate the needs of its customer base.

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