New York rapper Nas continues to remind fans it’s way deeper than rap. The hip-hop veteran has addressed hype and speculation about investing in a new banking app called Earnin.
Last night, Nasir Jones went to Instagram to break the news and dish some details on his investment.
The news comes fresh off reports claiming Nas and Hollywood icon Will Smith invested in a financial literacy app called Step aimed at teenagers.
Nas and Will Smith are two of the initial investors in a new app that will strive to teach financial literacy to teenagers. Step is an Apple Pay-integrated app that allows teens access to bank accounts with no minimum balance or fees. Parents will have the ability to monitor their children’s bank accounts and set limits and restrictions on their accounts via the app. Teens under 18 will be able to sign up for the app with limited functionality. The app also aims to give users money management advice. (REVOLT TV)
Step’s CEO recently dished on the importance of getting the app into teen’s hands.
“Schools don’t teach kids about money,” CJ MacDonald, the CEO and co-founder, said in an interview. “We want to be their first bank accounts with spending cards, but we also want to teach financial literacy and responsibility. Banks don’t tailor to this, and we want to be a solution teaching the next generation of adults to be more responsible with money in the cashless era. It was easy with cash to go to the mall but now everyone is using their phone for Uber and more.” (MacDonald has a track record in mobile commerce applications: his previous startup, mobile loyalty card app Gyft, got acquired by First Data.) (Tech Crun)