YouTube megastar MrBeast is officially entering the fintech space. On Monday, his company, Beast Industries, announced the acquisition of Step, a popular banking app designed for teens and young adults.
Step has already raised over half a billion dollars in funding and serves more than 7 million users. The platform offers financial services specifically geared toward Gen Z, helping them build credit, save money, and invest.
Jimmy Donaldson, better known as MrBeast, cited his own upbringing as the primary driver for this move. The 27-year-old creator stated:
Nobody taught me about investing, building credit, or managing money when I was growing up.
I want to give millions of young people the financial foundation I never had.
This acquisition aligns with the company’s long-term strategy. A leaked pitch document from last year previously indicated that fintech was a major area of interest for Beast Industries. Furthermore, reports suggest the company is also interested in launching a mobile virtual network operator (MVNO), a low-cost cell phone plan similar to Ryan Reynolds’ Mint Mobile.
Beast Industries is rapidly expanding beyond ad revenue. While MrBeast is the most-subscribed creator on YouTube with over 466 million subscribers, his business portfolio is diverse. Currently, the chocolate brand Feastables is the company’s “cash cow” and is reportedly more profitable than the MrBeast YouTube channel itself.
Jeff Housenbold, CEO of Beast Industries, emphasised the strategic fit. Housenbold said:
This acquisition positions us to meet our audiences where they are, with practical, technology-driven solutions that can transform their financial futures for the better.
However, not all ventures have been seamless. Some previous projects, such as Lunchly and MrBeast Burger, have faced struggles. This move into fintech represents a shift toward utility-based products.
Step brings a heavy-hitting roster of backers to the table. The company has attracted investment from venture firms like General Catalyst, Coatue, and Stripe. Additionally, celebrity investors include Charli D’Amelio, Will Smith, Justin Timberlake, Stephen Curry, and The Chainsmokers.
Step’s financial products are powered by Evolve Bank & Trust. According to Step founder and CEO CJ MacDonald, the merger will accelerate their growth. MacDonald said:
We’re excited about how this acquisition is going to amplify our platform and bring more groundbreaking products to Step customers.
The financial terms of the deal were not disclosed.