MrBeast’s Company Acquires Gen Z Fintech App Step
▼ Summary
– MrBeast’s company, Beast Industries, is acquiring Step, a banking app designed for teenagers with over 7 million users.
– Step’s services help Gen Z build credit, save, and invest, and it has attracted high-profile celebrity and venture capital investors.
– MrBeast stated the acquisition aligns with his personal goal of providing young people with the financial education he lacked.
– The purchase fits Beast Industries’ expansion plans, which reportedly include interests like launching a mobile virtual network operator.
– Beast Industries’ primary revenue comes from ventures like Feastables, not YouTube, as other projects like MrBeast Burger have struggled.
The digital landscape’s most influential creator is making a major move into financial technology. YouTube titan MrBeast, through his company Beast Industries, has announced the acquisition of Step, a banking application designed specifically for teenagers and young adults. This strategic purchase places a powerful financial tool into the hands of a generation that avidly follows the creator, merging entertainment with practical economic education.
Step has established itself as a significant player, having secured substantial funding and grown a user base exceeding seven million. The app provides services tailored to Gen Z, focusing on building credit history, facilitating savings, and introducing investment concepts. Its appeal is underscored by a roster of high-profile backers, including celebrities like Charli D’Amelio, Will Smith, and Stephen Curry, alongside established venture firms such as General Catalyst and Coatue.
Aligning with MrBeast, whose real name is Jimmy Donaldson, represents a logical step for the fintech company to maintain its visibility with a youthful audience. With over 466 million subscribers, Donaldson is the most-subscribed individual on YouTube, yet his business ambitions extend far beyond viral video content. This acquisition follows indications from a previously leaked document showing Beast Industries’ keen interest in the financial sector. Reports also suggest the company is exploring the launch of a budget-friendly mobile phone service, similar to models like Mint Mobile.
For MrBeast, the move is deeply personal. He shared his motivation on social media, stating, “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 vision aligns with his broader strategy of building a diversified business empire that transcends advertising revenue from his YouTube channel.
Indeed, Beast Industries has cultivated multiple revenue streams. While the YouTube channel is phenomenally popular, the company reportedly reinvests a large portion of that income back into production. The most profitable venture to date is the chocolate brand Feastables, which leaked documents indicate outperforms both the main YouTube channel and the “Beast Games” show on Prime Video. Other business endeavors, including MrBeast Burger and Lunchly, have faced more operational challenges.
The leadership at Step has expressed optimism about the new partnership. Step founder and CEO CJ MacDonald stated, “We’re excited about how this acquisition is going to amplify our platform and bring more groundbreaking products to Step customers.” The merger signals a new chapter where financial literacy for young people is championed by one of the most recognizable figures in modern media.
(Source: TechCrunch)
