MrBeast’s Beast Industries Acquires Teen-Focused Banking App Step
YouTube sensation MrBeast, also known as Jimmy Donaldson, made a major announcement on Monday regarding his company, Beast Industries. The company is set to acquire Step, a popular banking app targeted towards teenagers. Step, which has garnered significant attention by raising half a billion in funding and amassing over 7 million users, offers financial services tailored towards Gen Z individuals to assist them in building credit, saving money, and investing. Notable celebrity investors in Step include Charli D’Amelio, Will Smith, The Chainsmokers, and Stephen Curry, along with venture firms like General Catalyst, Coatue, and Stripe.
Partnering with MrBeast, who holds the title of the most-subscribed creator on YouTube with over 466 million subscribers, is a strategic move for Step to reach a younger audience. MrBeast’s vision extends beyond his popular YouTube videos, as he aims to provide financial education and support to millions of young people who may not have received such guidance in their upbringing.
The recent acquisition of Step aligns with Beast Industries’ previous interest in financial services, as evidenced by a leaked pitch document from last year. In addition to this acquisition, Beast Industries is reportedly exploring the launch of a mobile virtual network operator (MVNO) to offer more affordable cell phone plans, akin to Ryan Reynolds’ Mint Mobile.
Unlike many top creators who rely primarily on YouTube ad revenue, Beast Industries has diversified revenue streams. Their most lucrative venture is the chocolate brand Feastables, which surpasses the profitability of both the MrBeast YouTube channel and the Prime Video show “Beast Games.” While some of their ventures, such as Lunchly and MrBeast Burger, have faced challenges, the company remains focused on innovation and growth.
Step’s founder and CEO, CJ MacDonald, expressed excitement about the acquisition and the potential for collaboration to enhance their platform and introduce innovative products to Step customers. This strategic move signifies Beast Industries’ commitment to expanding its reach and offering valuable financial services to a younger demographic.
