# 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 users ages 13-17. The platform was acquired by Beast Industries in 2026 as part of the creator conglomerate's expansion into financial services.

## Regulatory Context

Step's banking partner, Evolve Bank & Trust, has three documented compliance issues:
- 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

These issues triggered Senator Elizabeth Warren's scrutiny of the Beast Industries acquisition, particularly given MrBeast's audience composition (39% ages 13-17) and Beast Industries' crypto aspirations via 'MrBeast Financial' trademark filing.

## Timeline

- **2026** — Acquired by Beast Industries
- **2026-03-23** — Senator Warren sent 12-page letter to Beast Industries regarding acquisition, deadline April 3, 2026