For celebrities this summer, it’s all about investing in causes that better the black community and the latest stars to join the bandwagon are Will Smith and Nas who have recently invested millions into an app for teenagers and their finances
Designed by startup company Step, the unnamed app, according to Tech Crunch, provides a balance of financial freedom and restriction for teenagers and in the long run increases their financial literacy and possibly help them through school.
Both Nas and Will Smith, as well as Step, have refused to disclose the exact amount of money that has been invested, however, the app developers have been able to raise $22.5 million to get the app started.
Focusing on financial literacy especially for black teenagers, the app provides an opportunity for teenagers to keep proper track of their expenses, purchase affordable school supplies and also provide parents with the opportunity to view their child’s transactions, add money and place restrictions on their account.
In addition, the app will be attached to a MasterCard and help students save up for college and access education funds opportunities as well. Services will also change as teens get older and will serve as a platform that could lend money for computers and books when they get into college.
Launched earlier in January, the app has a waiting list of over 500,000 people but has not been able to secure enough funds until several investors such as Will Smith and Nas came to its rescue.
With teenagers of today heavily relying on mobile apps for day to day transaction, the app will be a huge success in helping them cut down on expenditure, save money and have better finances.