# Step

**Type:** Teen banking app (fintech)
**Status:** Acquired by Beast Industries (2026)
**Users:** 7M+ (ages 13-17)
**Banking Partner:** Evolve Bank & Trust

## Overview

Step is a teen-focused banking application serving over 7 million users aged 13-17. The platform was acquired by Beast Industries in 2026 as part of the creator conglomerate's expansion into financial services.

## Banking Infrastructure

Step operates through a partnership with Evolve Bank & Trust, which has faced multiple compliance challenges:
- Entangled in 2024 Synapse bankruptcy ($96M in unlocated consumer deposits)
- Subject to Federal Reserve enforcement action for AML/compliance deficiencies
- Experienced dark web data breach of customer data

## Regulatory Scrutiny

The Beast Industries acquisition triggered immediate congressional attention. Senator Elizabeth Warren sent a 12-page letter (March 23, 2026) raising concerns about:
- Evolve Bank's compliance history
- Beast Industries' "MrBeast Financial" trademark filing suggesting crypto/DeFi aspirations
- Marketing crypto to minors (39% of MrBeast's audience is 13-17)
- Beast Industries' organizational maturity (lack of general counsel, misconduct reporting mechanisms)

## Timeline

- **2026** — Acquired by Beast Industries
- **2026-03-23** — Senator Warren letter scrutinizing acquisition and Evolve Bank partnership