# Step

**Type:** Teen banking app  
**Status:** Acquired by Beast Industries (2026)  
**Users:** 7M+ (ages 13-17)  
**Banking Partner:** Evolve Bank & Trust  

## Overview

Step is a teen-focused banking application serving 7+ million users aged 13-17. The platform was acquired by Beast Industries in 2026 as part of the company's expansion into financial services.

## Regulatory Context

Step's banking partner, Evolve Bank & Trust, has documented compliance issues:
- Entangled in 2024 Synapse bankruptcy ($96M in unlocated consumer deposits)
- Subject to Federal Reserve enforcement action for AML/compliance deficiencies
- Experienced dark web data breach of customer data

These issues triggered Senator Elizabeth Warren's March 2026 scrutiny of the Beast Industries acquisition.

## Timeline

- **2026** — Acquired by Beast Industries
- **2026-03-23** — Senator Warren sends letter to Beast Industries raising concerns about Evolve Bank partnership and crypto marketing to minors