MrBeast Buys Gen Z Fintech App Step
Beast Industries, the company founded by popular YouTube content creator MrBeast, has acquired Step, a fintech app designed for teenagers and young adults. MrBeast—whose real name is Jimmy Donaldson—announced the acquisition on Monday, according to TechCrunch.
Targeting Generation Z with financial services, Step has raised nearly $500 million in funding to date and has more than seven million users. The app is known for helping young users build credit, save money, and invest. High-profile investors in Step include Charli D’Amelio, Will Smith, The Chainsmokers, and Stephen Curry. Institutional backers include General Catalyst, Coatue, and Stripe.
MrBeast said that no one taught him about investing or money management during his childhood, which motivated him to join the initiative to help young people build a strong financial foundation. Analysts say the partnership with MrBeast is strategically important for Step in reaching Gen Z users.
Beast Industries has diversified its business beyond YouTube revenue, with its chocolate brand Feastables emerging as its most profitable venture. Step Chief Executive Officer CJ MacDonald said the acquisition will create opportunities to introduce new and innovative services for customers.
DBTech/BMT/OR
