MrBeast, the YouTube phenomenon known for elaborate stunts and philanthropic endeavors, is expanding his empire into the fintech space. His company, Beast Industries, announced , the acquisition of Step, a banking app geared towards teenagers and young adults. The deal marks a significant departure for MrBeast, whose influence has largely resided in digital content creation, and signals a broader ambition to build infrastructure beyond media and consumer products.
Step, which boasts over 7 million users, specializes in providing financial services designed for Generation Z. The app focuses on helping young people build credit, save money, and learn about investing. The company has attracted investment from a diverse group of celebrities, including Charli D’Amelio, Will Smith, The Chainsmokers, and Stephen Curry, alongside venture capital firms like General Catalyst, Coatue, and Stripe.
The acquisition comes as MrBeast, whose real name is Jimmy Donaldson, increasingly looks to leverage his massive online following – currently exceeding 466 million subscribers on YouTube – into tangible real-world ventures. “Nobody taught me about investing, building credit, or managing money when I was growing up,” Donaldson stated in a recent social media post. “I want to give millions of young people the financial foundation I never had.”
This move isn’t entirely unexpected. Last October, MrBeast filed trademarks indicating plans to enter the financial services market, encompassing everything from cryptocurrency exchange to payday advances and investment advisory services. The acquisition of Step provides a ready-made platform and existing user base to realize those ambitions. It also reflects a growing trend of creator-led companies seeking long-term growth beyond content creation alone.
Beast Industries’ strategy extends beyond banking. The company is also exploring the launch of a mobile virtual network operator (MVNO), a low-cost mobile service similar to Ryan Reynolds’ Mint Mobile. This diversification highlights a deliberate effort to build a multifaceted business that isn’t solely reliant on YouTube ad revenue.
Internal documents reveal that Beast Industries is strategically reinvesting a significant portion of its YouTube earnings into new ventures. Notably, the company’s chocolate brand, Feastables, has proven to be more profitable than both its YouTube channel and its Prime Video show, Beast Games. This success demonstrates MrBeast’s ability to translate his online popularity into successful consumer products.
The acquisition is being framed as a mutually beneficial partnership. CJ MacDonald, founder and CEO of Step, expressed enthusiasm about the potential for growth. “We are excited about how this acquisition will amplify our platform and bring innovative products to Step customers,” MacDonald said in a statement. The combination of Step’s technology and Beast Industries’ reach is expected to accelerate the development of new financial wellness solutions for young people.
The deal also arrives amidst a broader conversation about financial literacy among younger generations. Research indicates that nearly half of teenagers open their first banking account between the ages of 14 and 18, highlighting a critical window for establishing healthy financial habits. Step’s focus on this demographic positions it well to capitalize on this need, and MrBeast’s involvement is likely to further amplify its appeal.
While the financial terms of the acquisition were not disclosed, industry analysts suggest that the deal represents a significant investment in the future of fintech. The move underscores the growing influence of creators in shaping the financial landscape and the potential for leveraging large online communities to drive adoption of new financial products and services. It remains to be seen how Beast Industries will integrate Step into its broader ecosystem, but the acquisition undoubtedly marks a pivotal moment for both companies and a noteworthy development in the evolving world of creator-led businesses.
Quick Read
Who acquired Step?
MrBeast, through his company Beast Industries.
What is Step?
A banking app focused on teenagers that helps build credit and save.
How many users does Step have?
More than 7 million users.
What did MrBeast say about the acquisition?
“I want to give millions of young people the financial foundation I never had.”
What other interests does Beast Industries have?
Exploring the launch of a mobile virtual network operator (MVNO).