NEW YORK—As if credit unions didn’t already face enough competition, MrBeast, the world’s most-subscribed YouTube creator, is moving into financial services with the acquisition of a consumer banking app aimed at teenagers.
The real MrBeast, Jimmy Donaldson, said the acquisition will allow him to “give millions of young people the financial foundation I never had.” His company, Beast Industries, is buying Step, the companies said in a joint announcement. Financial terms were not disclosed.
Step markets itself as an “all-in-one” money app designed to help young people begin managing their finances. The digital platform offers savings accounts, a credit-building Visa card that operates similarly to a debit card, and a cash-advance program. Step is not itself a bank; its banking services are provided through a partnership with Evolve Bank & Trust, an FDIC-insured institution.
Fundamental to Wellbeing
“Financial health is fundamental to overall wellbeing, yet too many people lack access to the tools and knowledge they need to build financial security,” Beast Industries CEO Jeff Housenbold 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.”
Step said in 2022 that it had raised $500 million in equity and debt from institutional investors, including General Catalyst, companies such as Stripe, and individual backers including social media influencer Charli D’Amelio.
Company Continues to Expand
The deal marks the latest step in Beast Industries’ effort to expand beyond its media roots. The company, valued at about $5 billion in its most recent funding round, has been exploring new revenue streams outside of content creation, including potential ventures in telecommunications and financial services.
MrBeast’s consumer products business, Feastables, has been a major revenue driver, generating more than $200 million in sales in 2024, according to investor materials viewed by Business Insider. Other ventures have faced challenges, including an ongoing legal dispute with a business partner over the operations of MrBeast Burger.
‘MrBeast Financial’
Donaldson, who has more than 460 million subscribers on YouTube, has signaled interest in fintech for months. As the CU Daily reported earlier, in October, Beast Industries filed a U.S. trademark application for “MrBeast Financial,” and an early 2025 investor pitch deck outlined plans to offer services such as student loans, insurance or credit insights through partnerships that would limit regulatory and capital risk.
‘Foundation I Never Had’
Donaldson said the Step acquisition reflects a personal motivation. In a post on X, formerly Twitter, he said the deal would allow him to help “give millions of young people the financial foundation I never had,” adding that he plans to create content focused on financial education, including investing and retirement accounts such as Roth IRAs.
