MrBeast buys Gen Z-focused fintech app Step

YouTube Megastar MrBeast announced Monday that his company Beast Industries is buying Step, a teen-focused banking app.

Step, which has raised half a billion dollars in funding and grown to more than 7 million users, provides financial services geared toward Gen Z to help them build credit, save money, and invest. The company has attracted famous investors such as Charli D’Amelio, Will Smith, The Chainsmokers, and Stephen Curry, as well as venture firms such as General Catalyst, Coatue, and payments company Stripe.

If the company wants to continue getting its fintech product in front of young people’s eyes, it would be wise to partner with Generation Z phenomenon MrBeast. MrBeast, whose real name is Jimmy Donaldson, is YouTube’s most subscribed creator, with more than 466 million subscribers, but his ambitions extend beyond great videos.

“No one taught me how to invest, build credit or manage money when I was growing up,” the 27-year-old said. “I want to give millions of young people the financial foundation I never had before.”

This acquisition makes sense, considering that a leaked bid document from last year showed this to be an area of ​​interest for Beast Industries. The company is also said to be interested in launching a mobile virtual network operator (MVNO), a low-cost cell phone plan similar to Ryan Reynolds’ Mint Mobile plan.

In line with other top content creators, Beast Industries’ business goes far beyond YouTube ad revenue. (In fact, the company reinvests much of that money back into content.) The company’s cash cow is its chocolate brand Feastables, which is more profitable than the MrBeast YouTube channel and Prime Video show “Beast Games,” according to leaked documents published by Bloomberg. Some of his other ventures, like Lunchly and MrBeast Burger, have suffered.

“We are excited about how this acquisition will amplify our platform and deliver more leading products to Step customers,” CJ McDonald, founder and CEO of Step, said in a statement.