Beast Industries, owned by YouTuber Jimmy “MrBeast” Donaldson, announced Monday that it has acquired Step, a banking app designed for teens and young adults.
The business move comes just months after Donaldson announced the launch of a new YouTube channel focused on personal finance and investing. His main channel has 466 million subscribers and has long been one of the most popular on YouTube. In his videos, Donaldson often hands out huge sums of money.
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MrBeast's other businesses include a chain of ghost restaurants, snack brand Feastables , and an upcoming phone service called Beast Mobile. The Step acquisition is the YouTuber's first foray into the financial services sector.
MrBeast bought the Step app
Step is one of several mobile-only banking services that operate similarly to Monzo or Revolut. However, it focuses on teenagers, which may explain why Donaldson chose it over its competitors — his audience is primarily Gen-Z and Gen Alpha.
Step's investors also include Gen-Z influencers Josh Richards and Charli D'Amelio.
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Beast Industries' acquisition of Step can be seen as a strategic move to reach a young audience interested in technology and innovative solutions in the financial sector. Step offers its users an easy and secure platform to manage their money, with features such as tracking expenses, saving and making payments.
In addition, the app provides educational content on financial management, which is consistent with MrBeast's intention to create content that encourages financial intelligence.
Partnering with influencers like Josh Richards and Charli D'Amelio further enhances Step's appeal to a younger audience, as these influencers have huge social media and can promote the app to millions of followers.
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MrBeast's entry into the financial services sector through Step could open up new opportunities for the development of innovative products and services aimed at younger generations. The success of the venture will depend on Beast Industries' ability to combine technology with entertainment and education, creating a comprehensive experience for Step users.
