MrBeast Acquires Gen Z Fintech Step, Says He Wants To Give 'Millions' Financial Foundation Because 'Nobody' Taught Him About Managing Money

Benzinga_recent_news

02/10

On Monday, YouTube star Jimmy Donaldson, popularly known as MrBeast, announced that his company, Beast Industries, has acquired Step. Step is a financial services platform aimed at teenagers and young...

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Financial terms of the deal were not disclosed.\nThe company offers banking, savings and investment tools and helps users under the age of 18 begin building credit, according to the company's website.\nSharing the news on X, MrBeast said the acquisition is rooted in his personal experience.\n\"Nobody taught me about investing, building credit, or managing money when I was growing up,\" Donaldson wrote. \"That's exactly why we're joining forces with Step. I want to give millions of young people the financial foundation I never had.\"\nHe added that more details about the integration would be shared soon.\nBeast Industries was valued at $5 billion in 2024 and counts prominent investors such as Chamath Palihapitiya and Reddit Inc. co-founder Alexis Ohanian among its backers.\nPalihapitiya, also known as the SPAC King, reacted to the announcement on X, saying, \"We bought a bank.\"\nBitMine Immersion Technologies Inc. (NYSE:BMNR) chairman Tom Lee also praised the deal, calling it a logical expansion for the MrBeast brand. \nGen Z is entering adulthood and that journey requires financial education, budgeting and investing, Lee said in a post on X, adding that MrBeast and his team are well-positioned to provide the tools young people need.\n\"BitMine looks forward to amplifying these efforts for Beast Industries,\" Lee wrote on X.\nThe Step acquisition comes as Beast Industries continues to expand beyond digital media.\nThe company plans to roll out additional consumer products and services targeted at MrBeast's fan base, which includes roughly 466 million subscribers on his main YouTube channel.\nAmong its upcoming ventures is Beast Mobile.\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto: Joe Seer On Shutterstock.com\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}