MrBeast company acquired the FinTech app Step for Generation Z

Beast Industries, the company owned by YouTube blogger MrBeast, has acquired the FinTech app Step, which is targeted at teenagers and members of Generation Z.

Step is a banking app for young people that helps users build savings, establish credit history, and invest. Over the course of its existence, the startup has raised approximately $500 million in investments and grown to more than 7 million users.

Step is backed by venture capital firms General Catalyst and Coatue, as well as Stripe, and its investor list includes prominent media personalities such as Charli D’Amelio, Will Smith, The Chainsmokers, and Stephen Curry. The acquisition of the startup logically fits into Beast Industries' strategy: in previously leaked company presentations, FinTech was already named as one of the priority areas, and there were also reports of interest in launching its own budget mobile operator.

Step can help millions of young users lay the foundation for sound money management. Step’s founder and CEO CJ McDonald noted that the deal will accelerate the platform's development and expand the product lineup for customers. Beast Industries continues to actively diversify its business beyond YouTube — the company’s most profitable segment remains the Feastables chocolate brand, while some other projects, including MrBeast Burger, have faced difficulties.

Source: TechCrunch