Step, a neobank serving teenagers and young adults, launched a stock investing platform within its mobile app.

The platform allows users to build a portfolio based on risk rankings assigned to each security, providing access to more than 1,000 stocks and ETFs. It also allows users to buy fractional shares as low as USD 1.

For users under 18 years old, a parent or legal guardian must open the stock account and set a preferred risk level on behalf of the teen. Afterward, teens can invest in securities with risk levels equal to or below this threshold, with parents also being able to monitor and modify their teen's investments through the Step app.

In addition, Step reported surpassing four million customers.

Analyst QuickTake: In October 2022, Step launched its cryptocurrency investing platform , allowing its users to trade Bitcoin initially. It also had plans to incorporate non-fungible tokens (NFTs) and decentralized finance (DeFi) tools such as staking onto its platform in the future.