MrBeast Enters FinTech with Beast Industries’ Acquisition of Step
YouTube megastar MrBeast, whose real name is Jimmy Donaldson, has officially entered the fintech sector after his company, Beast Industries, announced the acquisition of Step, a digital banking app designed for Gen Z users.
Step positions itself as a comprehensive financial platform for teenagers and young adults, offering tools to help users build credit, save money, and manage their finances. The app has grown to more than 7 million users and has raised over $500 million in funding, attracting major investors such as General Catalyst, Coatue, and payments company Stripe, alongside celebrity backers including Charli D’Amelio, Will Smith, The Chainsmokers, and Stephen Curry.
While Step is not a bank itself, it delivers its services through partnerships with regulated institutions, including Evolve Bank & Trust, a member of the FDIC.
Commenting on the move, MrBeast said:
“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.”
The acquisition aligns with Beast Industries’ previously signaled interest in financial services, as revealed in a leaked pitch document last year. The company has also reportedly explored other initiatives, including the potential launch of a mobile virtual network operator (MVNO) offering lower-cost cellular plans.
Beast Industries’ business extends far beyond YouTube advertising revenue, with much of its income reinvested into content creation. According to leaked documents cited by Bloomberg, the company’s chocolate brand Feastables has become its most profitable venture, outperforming both the MrBeast YouTube channel and the Prime Video show “Beast Games,” while other initiatives, such as MrBeast Burger, have faced operational and legal challenges.
CJ MacDonald, Founder and CEO of Step, said in a statement:
“We’re excited about how this acquisition is going to amplify our platform and bring more groundbreaking products to Step customers.”
Although financial terms of the deal were not disclosed, the move marks a strategic expansion for Beast Industries and strengthens its presence in the FinTech space, with a clear focus on empowering younger generations financially.
