- June 15, 2019
- Posted by: Trading
- Category: News
(Reuters) – The owner of dating app Bumble said on Friday it would revamp its holding structure and spend $100 million, as it looks to better compete with Match Group (NASDAQ:)’s Tinder.
The company has created Magic Lab, a holding company for its brands that include dating apps Badoo, Chappy and Lumen, said Andrey Andreev, founder and chief executive officer of the group.
The announcement comes more than one month after Facebook Inc (NASDAQ:) (NASDAQ:FB) rolled out its dating feature to 14 more countries as it attempts to boost user-engagement on its platform.
Shares of Match Group (NASDAQ:MTCH) edged 0.8% lower in afternoon trading.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.