Jimmy Donaldson, also known as MrBeast, built his following by capturing the attention of young users on an exceptionally crowded platform. Now, the YouTuber with the world’s largest subscriber count is moving into fintech.
MrBeast is set to acquire Step, an app positioned as a one-stop shop for younger users. The platform offers tools for investing and financial management, along with spending and savings accounts linked to a Visa card.
A main goal of the app is to improve financial literacy for a new generation. Since launching in 2018, Step has attracted roughly seven million users and secured backing from Stripe and several venture capital firms. Even so, that user base represents just a fraction of MrBeast’s roughly 450 million YouTube subscribers.
Blurring the Lines
The move into fintech may raise concerns about the increasingly blurred lines between social media and financial services. Social platforms have often been a criticized as a breeding ground for financial misinformation, scams, and money mule recruitment.
Those concerns may be compounded by the fact that Step’s partner financial institution, Evolve Bank & Trust, has faced scrutiny and penalties related to its role in the collapse of fintech Synapse. Further uncertainty followed when the CEO hired to right the ship was fired last year.
From Partner to Competitor
MrBeast may remain somewhat insulated from these controversies, however, as Evolve primarily provides FDIC insurance and banking functions for Step. This arrangement—where fintechs manage the digital experience while regulated banks handle core financial services—is common and reflects the expanding open banking system at work.
At the same time, rapid technological change has pushed some fintechs from partners to competitors. Many leading platforms began as buy now, pay later or peer-to-peer payments services, then expanded into offerings that rival those of traditional banks.
While these platforms don’t always offer FDIC insurance, many younger consumers prioritize convenience and ease of use. This shift has made it more difficult for banks to build relationships in an increasingly crowded and fragmented landscape.
As banks, fintechs, and platforms compete for digitally native younger consumers, the influence of a trusted YouTube creator could prove meaningful.
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