Mr. Beast's Deal Value Not Disclosed

Jimmy Donaldson, better known as Mr. Beast

                 Mr. Beast Enters Fintech with Acquisition of Youth Financial Services App

Jimmy Donaldson, better known as Mr. Beast, the world's most-subscribed YouTuber, has acquired the financial services app Step, marking his company's entry into the fintech world with a focus on serving young users.

Step markets itself as a comprehensive money management solution for teens and young adults, enabling them to manage their finances, build a credit history, and access various financial tools. Following the acquisition, the app will operate under Donaldson's company, Beast Industries, according to a CNBC report.

"No one taught me how to invest, build credit, or manage money growing up. That's precisely why we're partnering with Step," Mr. Beast told his millions of followers on Monday, adding, "I want to give millions of young people the financial foundation I never had. There's a lot more to share soon." Best Industries did not disclose the value of the acquisition of STEP.

Best Industries has raised funding over the past year, including a recent $200 million investment from Bitmain Emerging Technologies, the largest institutional investor in the cryptocurrency Ethereum, headed by Tom Lee of Fundstrat.

STEP is backed by fintech giant Stripe, as well as venture capital firms such as Couto, Collaborative Fund, Crosslink Capital, and General Catalyst. STEP was founded in 2018 by fintech pioneers CJ Macdonald and Alexey Kalinichenko with the goal of providing the next generation with financial literacy tools.

Although not a bank, Step partnered with Evolve Bank & Trust, a consumer banking services company, to offer banking services in 2022. The platform also includes a Step Visa card, a savings and spending account, and the ability to send and invest money, all with no monthly fees.

Best Industries stated in a press release that Step's user base of over 7 million, its technology platform, and its dedicated fintech team will complement its extensive digital audience and philanthropic initiatives.