Teen banking app Step has raised $50 million from investors led by Coatue Management alongside celebrities such as singer Justin Timberlake, influencer Charli D’Amelio and former quarterback Eli Manning.

According to Reuters, San Francisco-based Step offers teenagers a bank account connected to a secured spending card. Step allows parents to view balances and real-time activity, add money to their teens’ accounts and manage and freeze cards.

The startup, which has attracted more than 500,000 users since launching two months ago, will use the funding to grow the team and invest in its technology.

“Step is one of several new banking apps focused on children and teens in the U.S., as companies seek to capitalize on a global surge in digital payments and e-commerce. It rivals products from companies including Greenlight, Copper and JPMorgan Chase & Co. Such companies say they aim to make it easier for parents and their children to transact in an increasingly cashless economy, while providing more modern financial education tools,” Reuters reports.

“As a person who hasn’t always had financial stability, and made many mistakes in that arena as a young man, I know the importance of financial education and having access to economic platforms that can work for everyone,” one of the Step co-founders stated.

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