YouTube Sensation MrBeast Expands his Media Empire into Fintech
James “Jimmy” Donaldson, popularly known as MrBeast, is officially stepping into the financial services sector with the acquisition of financial wellness app, Step. MrBeast, through his media holding company, Beast Industries, has announced the purchase of Step, a fintech application aimed at teenagers aged between 13 and 18. The app provides a platform for young people to manage their finances and build credit scores without the usual banking fees. The financial details of the acquisition have not been disclosed.
Building Financial Security with Step
Step Mobile’s core mission is to promote financial wellness, and its mobile banking app is designed to provide the necessary tools and knowledge for young individuals to build financial security. Jeff Housenbold, CEO of Beast Industries, emphasized the importance of financial health for overall wellbeing. He further stated that the acquisition of Step aligns with Beast Industries’ goal to meet their audience’s needs by offering practical, technology-driven solutions for better financial futures.
The app’s valuation in 2021 was reportedly $920 million after a $175 million equity raise. Following this, Step announced a debt funding of $300 million in 2022, alongside a crypto investing product launch. The app currently boasts 7 million users, according to company data.
Unconventional Ventures: The Role of Creators in Fintech
Theodora Lau, founder of Unconventional Ventures, believes that MrBeast’s massive following and brand trust among Gen Z could provide a boost for Step. With a subscriber base of 466 million on the MrBeast YouTube channel, the potential for growth and distribution is immense if a significant portion of these subscribers start using the product.
Lau speculates that this could lead to more financial institutions exploring partnerships with creators for co-branded products and content. She further suggests that such a trend could present a new exit strategy for fintechs.
However, Dylan Lerner, senior analyst for digital banking at Javelin, cautions that while celebrity endorsements can rapidly grow a brand and attract younger audiences, a compelling banking and finance platform is necessary for sustained success.
Beast Industries and Step’s Banking Partner, Evolve Bank
Step’s current banking partner, Evolve Bank and Trust, provides FDIC insurance and issues the Step credit card. However, it is currently involved in legal battles surrounding the shutdown of Synapse in early 2024. The bank also suffered a data breach in 2024 that impacted many of its fintech partners, leading to a class action lawsuit settlement for $11.9 million in 2025. The impact of Beast Industries’ acquisition on Step’s relationship with Evolve Bank remains to be seen.
Despite these challenges, Lerner believes that Evolve could benefit from Step’s MrBeast boost, potentially resulting in higher interchange revenue and transaction volumes. However, Lau anticipates more scrutiny on the acquisition deal due to Evolve Bank’s history.
The Bridge Between Social Media and Fintech
The acquisition of Step by Beast Industries is a clear indication of the convergence of social media and fintech. With a powerful social media presence, MrBeast’s entry into the financial services sector could bring about significant changes. As the popularity of fintech continues to grow, especially among younger audiences, the integration of influencers and creators into this space could significantly shape its future.
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