- MrBeast's company, Beast Industries, is buying the consumer banking app, Step.
- The CEO of Beast Industries said the company wants to help fans improve their "financial futures."
- MrBeast, YouTube's top creator, has been diversifying his business beyond media.
YouTube's top creator, MrBeast, is buying a consumer banking app.
His company, Beast Industries, is buying Step, according to a joint announcement on Monday. Step, which describes itself as an "all-in-one" money app, is a digital banking platform designed to help young people open their first bank accounts.
"Financial health is fundamental to overall wellbeing, yet too many people lack access to the tools and knowledge they need to build financial security," Jeff Housenbold, CEO of MrBeast's company, Beast Industries, said in a statement. "This acquisition positions us to meet our audiences where they are, with practical, technology-driven solutions that can transform their financial futures for the better."
Beast Industries, which was valued at about $5 billion in its latest round of funding, has been looking for new avenues to make money beyond media, including the possibility of launching a mobile phone service down the road.
The content creator has been planning to break into fintech for months, filing a US trademark application for the name "MrBeast Financial" in October.
MrBeast, whose real name is Jimmy Donaldson, also said he wants to make videos about finance, such as "educating people on investing and showing them what is a Roth IRA."
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