MrBeast Industries Acquires Teen Banking App ‘Step’

Staff Report: PNN

World-renowned YouTuber MrBeast’s company, Beast Industries, is acquiring Step, a digital banking app for teens and young adults. MrBeast, whose real name is Jimmy Donaldson, announced the news on Monday.

Step is a fintech platform primarily targeting Gen Z. Its aim is to increase financial awareness, encourage savings, introduce investment concepts, and help build credit history. The platform has already raised nearly $500 million in investment and has over 7 million users.

Investors include celebrities such as TikTok star Charli D’Amelio, actor Will Smith, the music group The Chainsmokers, and basketball player Stephen Curry. Large venture capital firms like General Catalyst, KOTU, and payment giant Stripe are also involved.

Analysts say that partnering with Step strategically positions MrBeast to deliver financial services to young people. MrBeast currently has over 46 million YouTube subscribers, making him the world’s most-followed content creator.

Announcing the acquisition, MrBeast said that growing up, no one taught him about investing, building credit, or managing money. His involvement with Step aims to help young people build strong financial foundations.

Previously leaked presentations suggested Beast Industries was exploring entry into fintech and launching a low-cost virtual mobile network operator (MVNO).

Beyond YouTube ad revenue, Beast Industries’ business portfolio has expanded significantly. Its most profitable venture is the chocolate brand Feastables, reportedly generating more revenue than the YouTube channel and the Prime Video show “Beast Games.” However, projects like Lunchly and MrBeast Burgers did not achieve the expected success.

Step founder and CEO CJ MacDonald stated that the acquisition will strengthen Step’s platform and allow the launch of new, innovative services for users. Observers believe the acquisition cements MrBeast’s position as a diversified entrepreneur beyond content creation.