The online star said on social media that his company, Beast Industries, had acquired Step, a financial services platform
World’s most popular YouTuber, MrBeast, has bought a Gen Z-focused banking app, he announced on Feb 9, marking another addition to his sprawling business interests.
The online star, whose real name is Jimmy Donaldson, said on social media that his company, Beast Industries, had acquired Step, a financial services platform.
Nobody taught me about investing, building credit or managing money when I was growing up, the 27-year-old said.
I want to give millions of young people the financial foundation I never had, he added.
Though it offers credit and debit cards and interest-bearing accounts, Step is not technically a bank but rather a financial services platform backed by Evolve Bank & Trust.
The cost of the purchase was not revealed.
MrBeast has more than 450 million YouTube subscribers – the most in the world – with his channel specialising in absurd contests and globe-trotting philanthropic ventures.
His videos can cost millions of dollars to produce and are made by a team of around 300 people.
He has spun that success into an Amazon Prime Video television game show, as well as a pop-up amusement park in Saudi Arabia called Beast Land.
His snack brand, Feastables, meanwhile, rakes in hundreds of millions in sales, rivalling the revenue from the YouTube videos that first made him famous.
We are excited about how this acquisition is going to amplify our platform and bring more ground-breaking products to Step customers, Step chief executive and founder CJ MacDonald said.
Participants in MrBeast’s videos could benefit from Step’s aim of teaching financial literacy.
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