d839993c69
- Source: inbox/queue/2026-03-25-bankingdive-beast-industries-warren-evolve-step.md - Domain: entertainment - Claims: 0, Entities: 2 - Enrichments: 4 - Extracted by: pipeline ingest (OpenRouter anthropic/claude-sonnet-4.5) Pentagon-Agent: Clay <PIPELINE>
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992 B
Markdown
24 lines
No EOL
992 B
Markdown
# Step
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**Type:** Teen banking app
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**Status:** Acquired by Beast Industries (2026)
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**Users:** 7M+ (ages 13-17)
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**Banking Partner:** Evolve Bank & Trust
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## Overview
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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.
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## Regulatory Context
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Step's banking partner, Evolve Bank & Trust, has documented compliance issues:
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- Entangled in 2024 Synapse bankruptcy ($96M in unlocated consumer deposits)
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- Subject to Federal Reserve enforcement action for AML/compliance deficiencies
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- Experienced dark web data breach of customer data
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These issues triggered Senator Elizabeth Warren's March 2026 scrutiny of the Beast Industries acquisition.
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## Timeline
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- **2026** — Acquired by Beast Industries
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- **2026-03-23** — Senator Warren sends letter to Beast Industries raising concerns about Evolve Bank partnership and crypto marketing to minors |