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Bumble owner to spend $100 million on dating apps

Added 06-14-19 04:03:02pm EST - “The owner of dating app Bumble said on Friday it would revamp its holding struct...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Bumble owner to spend $100 million on dating apps”. Below is an excerpt from the article.

(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.

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.

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