MrBeast Buys Step App to Bring Banking Tools to Teens Online
- Beast Industries acquires Step and gains access to over seven million young users.
- Step offers savings, spending, credit-building cards, and cash advances for teens online.
- MrBeast plans fintech growth after funding and trademark filings in the United States.
MrBeast has taken a major step into financial technology as his company, Beast Industries, agreed to acquire the consumer banking app Step. The deal brings a youth-focused fintech platform under one of the world’s largest digital brands. Both companies confirmed the acquisition in a joint announcement released Monday.
Step operates as a digital banking app designed to help teens and young adults manage money early. The platform offers savings accounts, a credit-building Visa card, and a cash-advance feature. Step does not operate as a bank and instead partners with Evolve Bank & Trust, an FDIC-member institution.
Neither company disclosed the financial terms of the transaction. Still, the acquisition places Beast Industries directly inside the competitive fintech space. It also marks MrBeast’s most concrete move yet, beyond media and consumer products.
A Youth Banking Platform With Millions of Users
Step launched in 2018 with a focus on financial access and literacy for young users. Founders CJ MacDonald and Alexey Kalinichenko built the platform for saving, spending, sending money, and investing. The app charges no monthly fees and targets first-time financial users.
In 2022, Step said it raised $500 million in combined equity and debt. Investors included General Catalyst, fintech firms such as Stripe, and individuals like TikTok creator Charli D’Amelio. The funding helped Step scale technology and user growth.
Today, Step reports more than seven million users. Beast Industries said the app’s technology platform and in-house fintech team will join its broader ecosystem. The company also linked the acquisition to its digital reach and philanthropic goals.
Beast Industries CEO Jeff Housenbold addressed the strategy in a statement. “Financial health is fundamental to overall wellbeing,” he said. He added that many people still lack tools and knowledge to build financial security.
Funding, Expansion Plans, and Industry Attention
Beast Industries has raised significant capital over the past year. Most recently, it secured a $200 million investment from Bitmine Immersion Technologies. The firm ranks as the largest corporate holder of Ether and is chaired by Fundstrat’s Tom Lee.
The acquisition follows months of preparation for a fintech entry. In October, the company filed a U.S. trademark for “MrBeast Financial.” An early 2025 investor deck later outlined possible services, including student loans and insurance.
That pitch deck described a strategy built on partnerships. It aimed to avoid regulatory burdens, credit exposure, and heavy capital requirements. Step already operates under a regulated banking partner structure.
Related: BitMine Immersion Puts $200M Into MrBeast’s Beast Industries
MrBeast addressed the move directly in a message to fans. “Nobody taught me about investing or building credit when I was growing up,” he said. He stated that the goal is to give young people a stronger financial foundation.
Industry observers note the potential impact on youth banking adoption. Traditional banks have struggled to reach Generation Z and Generation Alpha users. MrBeast’s audience includes hundreds of millions across digital platforms.
Still, financial services bring complex challenges. Regulatory compliance, trust, and long-term monetization remain central risks. Can a global entertainment brand successfully guide millions of young users through real financial decisions?
