What is Step? Gen Z banking app acquired by MrBeast
YouTube giant Jimmy, also known as MrBeast, is stepping into finance by acquiring a free financial app for teens.
His company, Beast Industries, now owns Step, a popular mobile banking app built for teens and young adults.
Taking to X (formerly known as Twitter), Beast wrote: “I’m so excited to share that we are acquiring the financial services app, Step.”
“Nobody taught me about investing, building credit, or managing money when I was growing up. That’s exactly why we’re joining forces with Step! I want to give millions of young people the financial foundation I never had,” he added.
Step is a financial technology (fintech) company that offers mobile banking services to cater for teens and young adults specifically.
The mission of the app is to introduce healthy financial habits, establish credit and provide knowledge about money management.
Step offers:
- Step Visa card
- High-yield savings
- Cashback rewards
- Early paycheck access
- “Step Up” loans
- Investing platform
The acquisition is strategic because it helps tap into MrBeast’s enormous Gen Z fan base by combining Step’s financial technology with his unparalleled influence and reach.
The CEOs of both companies praised the acquisition, noting its huge potential for increasing financial literacy on a massive scale.
