MrBeast acquires youth-focused financial services app Step. Donaldson (real name) isn’t just a successful YouTuber; he is also an entrepreneur who is rapidly expanding his business portfolio alongside his media-focused career. However, Beast Industries did not reveal the amount it used to acquire Step.
MrBeast acquires financial services application Step
MrBeast enters the finance game with the Step app. With this, the popular YouTuber has forayed into fulfilling his long-term dream of entering the fintech space. Notably, Step is focused on serving younger users. This aligns with YouTube syar’s long-term goals of combining finance and technology with the youth (via CNBC).
For those unversed, Step is marketed as an all-in-one money app for Gen Z to manage money, understand financial jargon, build credit, and access financial tools. Major investors like Stripe, as well as venture capital firms such as Coatue, Collaborative Fund, Crosslink Capital, and General Catalyst, back Step.
Donaldson announced on X, “I’m so excited to share that we are acquiring the financial services app. Nobody taught me about investing, building credit, or managing money when I was growing up. That’s exactly why we’re joining forces with Step! I want to give millions of young people the financial foundation I never had. Lots to share soon :D.”
Beast Industries also revealed in a press release that they aim to benefit from Step’s 7 million-user base and its incredible financial services for their larger digital-centric fanbase and philanthropic initiatives. Jeff Housenbold, CEO of Beast Industries, said in a statement, “This acquisition positions us to meet our audiences where they are, with practical, technology-driven solutions that can transform their financial futures for the better.”
The banking app will now operate under Donaldson’s company, Beast Industries. Notably, the company did not reveal how much it paid to acquire Step. Step’s representatives have not disclosed details of their financial transactions either.
Interestingly, Beast Industries received a massive $200 million investment from Bitmine Immersion Technologies in the recent past. Donaldson aims to expand his company’s entrepreneurial portfolio beyond media and consumer products and services.
Originally written by Anwaya Mane on Mandatory.
