Bumble owner to spend $100 million on dating apps
(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's Tinder.
(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'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.
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The announcement comes more than one month after Facebook Inc rolled out its dating feature to 14 more countries as it attempts to boost user-engagement on its platform.
Shares of Match Group edged 0.8% lower in afternoon trading.
(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Maju Samuel)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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