- Beast Industries will acquire the financial services app Step for an undisclosed amount.
- Step offers Gen Z fee-free banking, credit tools, investing, rewards, savings, and early pay access.
- Beast Industries plans to merge Step into its ecosystem as MrBeast explores fintech and crypto services.
Beast Industries, the holding company behind MrBeast’s consumer brands, has agreed to acquire the financial services app Step for an undisclosed amount.
The deal brings a regulated, teen-focused fintech platform under the control of the world’s largest YouTube creator by subscriber count, with more than 466 million subscribers globally.
Step operates as a mobile-first money app for teenagers and young adults. It is not a bank but partners with Evolve Bank & Trust, an FDIC member, providing deposit insurance of up to $250,000 per user.
The company has built its product around spending, saving, credit building, and basic investing.
What Step Brings to Beast Industries
Step was founded in 2018 and has grown to more than 6.5-7 million users. It has raised roughly $491-500 million across six funding rounds. Backers include Stripe, General Catalyst, Coatue, Collaborative Fund, Crosslink Capital, and celebrity investors such as Stephen Curry, Justin Timberlake, Will Smith, Charli D’Amelio, and The Chainsmokers.
The platform includes a fee-free spending account, a Step Visa Card, credit-building tools, cashback rewards, stock investing, early paycheck access, savings features offering up to 3%, and small borrowing limits. These services are designed for Gen Z users entering their first financial relationships.
Strategic Fit With MrBeast’s Audience
Beast Industries said Step’s technology, user base, and in-house fintech team will integrate with its existing digital reach and philanthropic initiatives. The company has spent the past year raising capital, including a $200 million investment from BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee.
Meanwhile, in October, entities linked to MrBeast filed trademarks under the name “MrBeast Financial.” The filings referenced cryptocurrency exchange services, crypto payments, decentralized exchange access, and consumer lending.
While the Step acquisition announcement does not mention crypto, the filings indicate prior interest in digital asset infrastructure. Also, Beast Industries has not confirmed whether Step will integrate crypto features.
However, the acquisition places a regulated financial app with millions of young users inside an ecosystem with unmatched global reach. Any future crypto integration would immediately have distribution at scale.
Related: Tron Inc. Acquires an Additional 169,632 TRX, Enhances Long-Term Shareholder Value
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/mrbeast-enters-fintech-with-acquisition-of-teen-banking-app-step/
