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Jimmy Donaldson, the world’s most-subscribed YouTuber famously known as MrBeast, has acquired fintech app Step, marking Beast Industries’ entry into financial services. Step — an all-in-one money app aimed at teens and young adults for managing cash, building credit and accessing financial tools — will now operate under Donaldson’s company as it targets a younger user base.
“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,” MrBeast told his millions of fans on Monday. “I want to give millions of young people the financial foundation I never had. Lots to share soon.”
Beast Industries did not disclose how much it paid for Step.
Beast Industries has been fundraising over the past year, including a recent $200 million investment from Bitmine Immersion Technologies, the largest corporate holder of the cryptocurrency Ether and chaired by Fundstrat’s Tom Lee.
Step is backed by fintech giant Stripe, as well as venture capital firms such as Coatue, Collaborative Fund, Crosslink Capital and General Catalyst.
The newly acquired Step was founded in 2018 by fintech veterans CJ MacDonald and Alexey Kalinichenko, with a mission of providing the next generation with tools for financial literacy.
While it was not a bank, Step partnered with Evolve Bank & Trust, a consumer banking company, for banking services in 2022.
The platform also includes a Step Visa Card, an account for saving, spending, sending money and investing, with no monthly fees.
Beast Industries said in a press release Step’s over 7 million users, technology platform and in-house fintech team would complement its large digital audience and philanthropic initiatives.
“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,” Jeff Housenbold, CEO of Beast Industries, said in a statement.
Beast Industries’ other ventures include Feastables, a snack brand, Beast Philanthropy, its non-profit arm, and Beast Games, its reality competition series on Amazon Prime Video.
