MrBeast’s Beast Industries to Buy Gen Z–Focused Banking App

Beast Industries, the entertainment conglomerate founded by Jimmy “MrBeast” Donaldson, has agreed to buy Step Mobile, a teen-focused banking app, the companies plan to announce Monday. The acquisition will expand the YouTube star’s reach beyond media, restaurants and packaged food into financial services.

Founded in 2018, Step Mobile runs an app that offers a federally insured bank account without fees and a secured Visa card that helps individuals establish credit before they turn 18. Investors led by General Catalyst valued it at $920 million in 2021, but its valuation—like those of many fintechs that raised money at that time—is likely to have dropped since then. The companies declined to disclose the terms of the transaction.