Step has launched a new service to allows teens to buy and sell bitcoins. Credit: Mediamodifier on Unsplash.

Step, a digital banking service for teens, has raised $300m in debt funding led by Triplepoint Capital and Evolve Bank & Trust.

The fintech will use the proceeds to invest in product infrastructure and develop new offerings for its customers.

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The latest investment takes Step’s total funding to $500m including both debt and equity.

Currently, Step in partnership with Evolve Bank & Trust offers an FDIC-insured bank account, a Step Visa Card and a P2P payments platform for sending and receiving money.

Triplepoint Capital co-CEO Jim Labe said: “Gen Z is the generation of creators, entrepreneurs and investors. They are redefining norms and taking control of their financial futures earlier in life thanks to products like Step.

“We are excited to partner with the Step team to continue scaling the business to millions of financially-savvy teens and young adults.”

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Alongside the new investment, Step has launched an investing service, which will allow teens to buy and sell bitcoins.

It plans the add stocks and other cryptocurrencies on the platform soon.

Furthermore, Step has introduced a financial literacy programme aimed at helping students and parents understand the foundations of modern banking.

Step founder and CEO said: “The next generation is hungry for modern financial products that streamline their day-to-day. We are excited about the progress we have made over the past year and the new products that are launching today.”

“We are thrilled to be able to offer teens and young adults the ability to build credit, budget, spend, save, earn and now invest in their financial futures directly within the Step App.”

In April last year, Step raised $100m in Series C funding led by General Catalyst with participation from Coatue, Stripe, Charli D’Amelio, The Chainsmokers, Will Smith and Jeffrey Katzenberg among others.