MrBeast’s Beast Industries Acquires Gen Z-Focused Fintech App Step
In a strategic move to enhance financial literacy among young people, YouTube sensation Jimmy Donaldson, widely known as MrBeast, has announced that his company, Beast Industries, has acquired Step, a fintech application tailored for Generation Z. This acquisition underscores MrBeast’s commitment to providing financial education and resources to a demographic that often lacks access to such tools.
Step, established to offer financial services to teenagers and young adults, has rapidly expanded its user base to over 7 million individuals. The platform provides a suite of services designed to help users build credit, save money, and invest wisely. Its innovative approach has attracted investments from high-profile celebrities, including Charli D’Amelio, Will Smith, The Chainsmokers, and Stephen Curry. Additionally, prominent venture capital firms like General Catalyst, Coatue, and the payments company Stripe have backed Step, recognizing its potential to revolutionize youth banking.
MrBeast, at 27 years old, has become the most-subscribed creator on YouTube, boasting over 466 million subscribers. His content, known for its elaborate stunts and philanthropic endeavors, resonates deeply with the Gen Z audience. By integrating Step into Beast Industries, MrBeast aims to bridge the financial education gap that many young people face. He expressed his motivation, 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.
The acquisition aligns with Beast Industries’ broader strategy to diversify its business ventures beyond digital content creation. A leaked pitch document from the previous year indicated the company’s interest in expanding into areas such as mobile virtual network operators (MVNOs), suggesting a vision to offer affordable cell phone plans akin to Ryan Reynolds’ Mint Mobile.
Beast Industries has already demonstrated success in ventures like Feastables, a chocolate brand that has reportedly become more profitable than the MrBeast YouTube channel and the Prime Video show Beast Games, according to leaked documents reported by Bloomberg. However, not all endeavors have met with equal success; initiatives like Lunchly and MrBeast Burger have faced challenges.
CJ MacDonald, founder and CEO of Step, expressed enthusiasm about the acquisition, stating, We’re excited about how this acquisition is going to amplify our platform and bring more groundbreaking products to Step customers. This partnership is poised to leverage MrBeast’s vast influence to promote financial literacy and provide accessible financial tools to a generation that is increasingly seeking autonomy over their financial futures.
The collaboration between Beast Industries and Step represents a significant step forward in addressing the financial education needs of young people. By combining Step’s innovative financial services with MrBeast’s extensive reach and commitment to philanthropy, this partnership has the potential to make a lasting impact on the financial well-being of Generation Z.
