Beast Industries, the entertainment firm founded by YouTuber Jimmy “MrBeast,” has acquired the teen-focused mobile banking app Step. This marks its most significant foray into finance, coming after a $200 million investment from crypto firm BitMine Immersion Technologies and a trademark filing for “MrBeast Financial” that listed cryptocurrency services. The Step app has grown to 6.5 million users since its 2018 launch.
Beast Industries has acquired the mobile banking app Step, which is focused on teenagers and young adults. The company’s founder, Jimmy “MrBeast” Donaldson, stated the move aims to equip young people with early personal finance tools.
Beast Industries CEO Jeff Housenbold said financial health is fundamental but many lack necessary tools. The acquisition cost was not publicly disclosed.
This expansion follows a $200 million investment from Ethereum treasury firm BitMine Immersion Technologies in January. A separate trademark filing for “MrBeast Financial” was made in October.
That filing mentioned cryptocurrency exchange, payment processing, and decentralized exchange services. It remains unclear if the trademark is related to the Step acquisition.
The Step app helps users manage money, build credit, and improve financial literacy. Its spending accounts are FDIC-insured through Evolve Bank & Trust.
The banking service has scaled to 6.5 million users since its 2018 launch. It previously raised around $500 million from investors including celebrities Steph Curry and Will Smith.
The MrBeast YouTube channel is the largest on the platform with 466 million subscribers. Housenbold said the acquisition positions the company to meet its audience with practical financial solutions.
During the $200 million BitMine investment, its chair Tom Lee called it a long-term bet on the creator economy. “MrBeast and Beast Industries, in our view, is the leading content creator of our generation, with a reach and engagement unmatched with GenZ, GenAlpha and Millennials,” he stated.
Lee noted BitMine’s values were strongly aligned with Beast Industries. He did not mention cryptocurrency integration at that time.
