MrBeast’s Beast Industries acquires Gen Z banking app Step
Beast Industries, the entertainment company founded by YouTuber Jimmy “MrBeast” Donaldson, said it is acquiring Step, a mobile banking app for teenagers and young adults, marking its most significant move into financial services to date.
Donaldson announced the deal in a post on X on Monday, stating that the objective is to equip young people with the tools and guidance to manage personal finances from an early age.
Source: MrBeast
Beast Industries CEO Jeff Housenbold said financial health is fundamental to overall well-being and that many people lack access to the tools and knowledge needed to build financial security. The purchase price was not disclosed.
The foray into finance follows a $200 million investment from Ethereum treasury firm BitMine Immersion Technologies in January and an October trademark filing for “MrBeast Financial.” The filing referenced “cryptocurrency exchange services,” “cryptocurrency payment processing,” and “cryptocurrency via decentralized exchanges.” It is not clear whether the trademark filing is related to the Step acquisition.
Step reaches 6.5 million users over 8 years
Step is designed to help Gen Z users manage money, build credit, earn rewards, and improve financial literacy. Spending accounts are insured by the Federal Deposit Insurance Corporation through Evolve Bank & Trust.
The app has grown to 6.5 million users since launching in 2018 and has raised around $500 million from investors including Steph Curry, Justin Timberlake, Will Smith and Charli D’Amelio.
The MrBeast YouTube channel has 466 million subscribers, making it the largest channel on the video-streaming platform.
Housenbold said the acquisition positions the company to meet its audience with practical, technology-driven solutions that can improve their financial futures.
At the time of the $200 million BitMine investment, BitMine chair Tom Lee characterized the deal as a long-term bet on the creator economy, citing MrBeast’s reach and engagement among Gen Z, Gen Alpha and Millennials. He said BitMine’s corporate values were aligned with Beast Industries and did not mention cryptocurrency integration.
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