On Monday, YouTube star Jimmy Donaldson, popularly known as MrBeast, announced that his company, Beast Industries, has acquired Step.

MrBeast Takes Beast Industries Into Financial Services

Step is a financial services platform aimed at teenagers and young adults. Financial terms of the deal were not disclosed.

The company offers banking, savings and investment tools and helps users under the age of 18 begin building credit, according to the company's website.

MrBeast Says Lack Of Financial Education Drove Step Deal

Sharing the news on X, MrBeast said the acquisition is rooted in his personal experience.

"Nobody taught me about investing, building credit, or managing money when I was growing up," Donaldson wrote. "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 that more details about the integration would be shared soon.

Investors Applaud The Move: ‘We Bought A Bank'

Beast Industries was valued at $5 billion in 2024 and counts prominent investors such as Chamath Palihapitiya and Reddit Inc. co-founder Alexis Ohanian among its backers.

Palihapitiya, also known as the SPAC King, reacted to the announcement on X, saying, "We bought a bank."

BitMine Immersion Technologies Inc. (NYSE:BMNR) chairman Tom Lee also praised the deal, calling it a logical expansion for the MrBeast brand. 

Gen Z is entering adulthood and that journey requires financial education, budgeting and investing, Lee said in a post on X, adding that MrBeast and his team are well-positioned to provide the tools young people need.

"BitMine looks forward to amplifying these efforts for Beast Industries," Lee wrote on X.

Building A Consumer Ecosystem Around A Massive Audience

The Step acquisition comes as Beast Industries continues to expand beyond digital media.

The company plans to roll out additional consumer products and services targeted at MrBeast's fan base, which includes roughly 466 million subscribers on his main YouTube channel.

Among its upcoming ventures is Beast Mobile.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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