MrBeast buys Step, a youth-focused financial app

Jimmy Donaldson (MrBeast) has acquired the financial app Step, which serves teens and young adults; the app will operate under his company Beast Industries and the purchase price was not disclosed.

Jimmy Donaldson, known as MrBeast, has acquired the financial services app Step. The app is marketed for teens and young adults to manage money, build credit and access financial tools. Step will operate under his company, Beast Industries. Beast Industries did not disclose the purchase price. Key facts: - MrBeast announced the acquisition and said he wants to give young people a financial foundation he lacked. - Step is presented as an all-in-one money app for teens and young adults to manage money, build credit and access tools. - The app will operate under Beast Industries. - Beast Industries did not disclose how much it paid for Step; CNBC requested comment and did not receive a response. - Beast Industries has been fundraising, including a reported $200 million investment from Bitmine Immersion Technologies, which is chaired by Tom Lee. Summary: The acquisition brings Step under Beast Industries and signals the company's entry into youth-focused fintech. Undetermined at this time.