MrBeast’s company, Beast Industries, has acquired Step, a Gen Z-focused fintech app, the companies announced Monday. The acquisition signals a broader shift in how online creators are building businesses, moving beyond ad revenue and into direct ownership of financial service platforms.
Step, which has over 7 million users, offers financial services geared toward young people, including tools to build credit, save money, and invest. The company previously raised half a billion dollars in funding and attracted investments from celebrities like Charli D’Amelio, Will Smith, The Chainsmokers, and Stephen Curry, as well as venture firms including General Catalyst, Coatue, and Stripe.
“Nobody taught me about investing, building credit, or managing money when I was growing up,” said Jimmy Donaldson, known as MrBeast, in a statement released on X, formerly Twitter. “I want to give millions of young people the financial foundation I never had.”
The move comes as creators increasingly seek to diversify their revenue streams. According to a recent report discussed on the TechCrunch Equity podcast, MrBeast’s chocolate business is now outperforming his media arm, demonstrating a willingness to expand beyond content creation. This acquisition, and others like it, represent a new playbook for creators looking to build sustainable business empires.
A leaked pitch document from last year indicated that acquiring a fintech company was an area of interest for Beast Industries. The company is also reportedly exploring the launch of a mobile virtual network operator (MVNO), a lower-cost cell phone plan, similar to Mint Mobile.
The acquisition of Step is not an isolated incident. The TechCrunch Equity podcast highlighted a trend of creators ditching reliance on ad revenue in favor of direct-to-consumer products and strategic acquisitions. This shift suggests a growing recognition that long-term financial stability requires ownership and control beyond platform-dependent income.
Beast Industries did not disclose the financial terms of the acquisition. The company is also considering an initial public offering (IPO), with CEO Bobby Sarma expressing a desire for fans to have “a chance to be owners of the company,” according to TechCrunch reporting.
