Step Acquisition Gives MrBeast a 450M-User Fintech Megaphone

Beast Industries, founded and led by YouTube creator, entrepreneur, and philanthropist Jimmy Donaldson, better known as MrBeast, is making a move into financial wellness by acquiring Step.

Step is a financial technology company dedicated to making financial literacy and money management accessible to all. With this acquisition, Beast Industries brings its vast audience reach to Step’s technology platform and fintech team.

MrBeast is the most-subscribed YouTube channel in the world with over 450 million subscribers, and Donaldson also has experience with philanthropic initiatives, including disaster relief, animal welfare, and funding for schools. He also started a food pantry in his hometown. 

Improving Financial Health 

The aim of the Step acquisition is to improve the financial health of consumers whatever their financial standing may be. 

“Financial health is fundamental to overall wellbeing, yet too many people lack access to the tools and knowledge they need to build financial security,” said Jeff Housenbold, Chief Executive Officer of Beast Industries.

“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 Is a Money App With Celebrity Backers

Step is a money app that earns users unlimited cash back, 3% on savings, and offers a Step Visa card that builds credit. Step offers free financial literacy resources on topics such as saving, banking, credit scores, investing, and taxes. 

The fintech company has more than 7 million users, and celebrity investors, including four-time NBA champion Stephen Curry, social media sensation Charli D’Amelio, Justin Timberlake, Will Smith, and The Chainsmokers.

“Our goal has always been to improve the financial future of the next generation,” said CJ MacDonald, Chief Executive Officer and Founder of Step. “There are a lot of synergies between Step and what Jimmy, Jeff and the team at Beast Industries believe in when it comes to helping people and giving back. 

“We’re excited about how this acquisition is going to amplify our platform and bring more groundbreaking products to Step customers.”

MrBeast Brings Big Audience to Fintech Acquisition

MrBeast is an example of how a very large social media influencer can leverage his built-in audience when entering a new field such as financial wellness and financial services. Just how many people he can attract to Step and its financial wellness platform remains to be seen.

But being able to promote the Step Visa card to 450 million subscribers on your YouTube channel seems like a clear marketing advantage. Savings and deposits also are promoted on Step so those products — with a big push from MrBeast — will be seen as new competition for banks. 

In addition, Step could one day offer loans and other credit products creating new competition for lenders. Another thing to consider is Step and MrBeast’s appeal to Gen Z and younger demographics. Being the first to serve financial services to these younger consumers is a clear advantage. 

The Bottom Line

Beast Industries has acquired a fintech company focused on financial literacy and money management called Step. The aim of the acquisition is to improve the financial health of people using the Step app, which currently has more than 7 million users. 

MrBeast has 450 million subscribers on YouTube and will use his social media influence to promote Step products, including unlimited cash back, 3% savings and a Step Visa card.