YouTube star MrBeast buys youth-focused banking app
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MrBeast announced on social media on Feb 9 that his company acquired Step, a financial services platform.
PHOTO: AFP
NEW YORK – MrBeast, the world’s most popular YouTuber, has bought a Gen Z-focused banking app, he announced on Feb 9, marking another addition to his sprawling business interests.
The online star, whose real name is Jimmy Donaldson, said on social media that his company, Beast Industries, had acquired Step, a financial services platform.
“Nobody taught me about investing, building credit or managing money when I was growing up,” the 27-year-old said. “I want to give millions of young people the financial foundation I never had.”
Though it offers credit and debit cards and interest-bearing accounts, Step is not technically a bank but rather a financial services platform backed by Evolve Bank & Trust.
The purchase cost was not revealed.
Step and Beast industries did not immediately respond to a request for comment.
MrBeast has more than 450 million YouTube subscribers – the most in the world – with his channel specialising in absurd contests and globe-trotting philanthropic ventures.
His videos can cost millions of dollars to produce and are made by a team of about 300 people.
He has spun that success into an Amazon Prime Video television game show, as well as a pop-up amusement park in Saudi Arabia
His snack brand, Feastables, meanwhile, rakes in hundreds of millions in sales, rivalling the revenue from the YouTube videos that first made him famous.
“We’re excited about how this acquisition is going to amplify our platform and bring more ground-breaking products to Step customers,” Step chief executive and founder CJ MacDonald said.
Participants in MrBeast’s videos could benefit from Step’s aim of teaching financial literacy.
Recent videos include Survive 20 Days Chained To Your Ex, Win US$250,000 and 30 Celebrities Fight For US$1,000,000! AFP
