The news: MrBeast Industries is acquiring Step, a teen-focused banking fintech. The purchase price was not disclosed, but Step had raised $500 million in total by 2022, its most recent reported funding round. It also launched a crypto exchange at the time but has since backed off to offer only stock trading.

Why it’s worth watching: MrBeast Financial, the financial services subbrand, is commercializing finfluencer marketing at a massive scale, focused on selling a single consumer financial app:

• MrBeast is the world’s most-followed YouTuber, with 445 million subscribers. He’s used his brand and reach to expand from media to cobranded chocolate bars, a Lunchables competitor, an Amazon Prime series, and merchandise.
• Step offers traditional banking products as well as a financial education program. It is part of a group advocating for financial education in US schools.

A push into crypto is also on the table:

• A trademark filing suggested that a banking app and a crypto exchange were on the roadmap. Now MrBeast has a platform that could resurrect support for crypto trading.
• In January, MrBeast raised $200 million in funding via an investment from Bitmine, a digital asset platform. This investor has an interest in offering crypto products to teens.

Implications for banks: MrBeast is tying financial products and services—typically associated with long-term relationships—closely to influencer marketing. That strategy is extending beyond content into hiring. The company recently posted listings for several viral marketing positions, including a head of viral marketing, who will “convert cultural moments into sign-ups, activation, revenue, retention, and repeat engagement.”

Bank marketers need to reevaluate influencers’ potential role in selling financial services. With MrBeast, it’s about direct sales, not just sharing experiences, opinions, and advice that may be accompanied by product placement. It’s also about the products and experiences Gen Zers demand.