Step is an “all-in-one money app” aiming to bring financial literacy and independence to its users. Founded in 2018, it raised over $175 million in equity from investors like General Catalyst, Coatue Management, and Stripe in 2021, valuing the company at $920 million. According to The Information, the number has likely fallen since then.
With around 500 employees, Beast Industries raised $200 million from crypto company BitMine in January, valuing it at $5.2 billion. The acquisition is the latest in the conglomerate’s quest to expand beyond media.
MrBeast Wants to Make Finance-Driven Content
“Financial health is fundamental to overall wellbeing, yet too many people lack access to the tools and knowledge they need to build financial security,” said Jeff Housenbold, CEO of Beast Industries, in the announcement. “This acquisition positions us to meet our audiences where they are, with practical, technology-driven solutions that can transform their financial futures for the better.”
The move toward fintech has been in the works for some time, as Donaldson filed a U.S. trademark application for the name “MrBeast Financial” in October. He said during an interview he wants to film more videos “educating people on investing and showing them what is a Roth IRA.”
Housenbold said the company hopes to guide Donaldson’s roughly one billion social media followers toward its consumer products and services, aiming to provide promotions and content to his audience.
The Creator’s Current Portfolio
Donaldson’s current ventures include MrBeast Burger, a ghost kitchen founded in 2020, chocolate brand Feastables, packaged food brand Lunchly, and an upcoming mobile phone service called Beast Mobile. He started making Youtube videos in 2012, and now has a networth of $2.6 billion.