MrBeast just bought a banking app

Beast Industries, owned by YouTuber Jimmy “MrBeast” Donaldson, announced Monday that it has acquired Step, a banking app designed for teens and young adults. The move comes months after Donaldson announced plans to launch a new YouTube channel focused on personal finance and investing. His main channel has 466 million subscribers and has long been one of the most popular on YouTube, frequently featuring videos in which Donaldson hands out huge sums of money.

MrBeast’s other business ventures also include a chain of ghost restaurants, snack brand Feastables, and a new phone service company called Beast Mobile. This is the first time his company has ventured into financial services.

Step is one of several mobile-only banking services, similar to Monzo or Revolut, but aimed specifically at teenagers, which may explain why Donaldson chose it over its rivals – its audience is mainly made up of Gen Z and Generation Alpha. Step’s investors also include Gen Z influencers Josh Richards and Charli D’Amelio, the latter of whom has appeared on MrBeast’s YouTube channel.