Popular YouTube creator MrBeast, through his company Beast Industries, has acquired Step, a fintech app tailored for Gen Z users. Step, known for its teen-oriented financial services aiding in credit building, saving, and investing, has amassed over 7 million users and attracted investments from notable figures like Charli D’Amelio and Will Smith, alongside venture firms such as General Catalyst and Stripe.
MrBeast, whose real name is Jimmy Donaldson, emphasized the importance of providing financial education to young audiences, 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.” This acquisition aligns with Beast Industries’ previous interest in expanding its portfolio, as hinted in leaked documents from last year.
Beast Industries’ diversification strategy extends beyond YouTube ad revenue, with successful ventures like the chocolate brand Feastables. Moreover, the company is exploring opportunities in the mobile virtual network operator (MVNO) sector, akin to Mint Mobile backed by Ryan Reynolds.
Source: TechCrunch