Milestones

Garbo is a non-profit provider of Background Checks

Tinder announced that it will offer background checks on potential dates, a new measure that parent company Match Group has taken to improve safety for users of the app. Currently no dating app conducts criminal background checks on users, so this is a huge step forward for safety advocates.

Match Group has partnered with Garbo, a non-profit that provides background checks, and plans to debut an in-app background check feature on Tinder later this year according to The Washington Post. There are no details yet on the cost of the service.

Tracey Breeden, Match’s new head of safety and social advocacy, said in an interview: “This gives [Tinder users] an opportunity and that comfort level. Maybe they want more information before they have a video chat, maybe they want more information before they meet in person.”

Utah House Committee

The Judiciary Committee in the Utah House of Representatives just passed a bill that would allow people to search the legal records of anyone they meet online, providing new safety measures for online daters.

The bill would allow Utah residents to have easier access to a service called Xchange, which provides information from Utah’s public court system, according to The Daily Universe, the paper published by Brigham Young University. Right now, broad access is limited, but if the bill is passed, residents can opt to pay a monthly fee to use it and get relevant history and information on potential dates.

Match Group is expanding its portfolio with the acquisition of Hyperconnect, a popular South Korean social media company. Match Group purchased the company for $1.7 billion in stock and cash, according to an announcement made by the companies.

Match Group CFO Gary Swindler said in an interview with CNBC that the move to acquire Hyperconnect positions Match Group for further growth, as social discovery apps are a new way for people to connect beyond dating apps. Virtual connections have been in increasing demand since the start of the pandemic, with people isolated in their homes and feeling disconnected. Social discovery apps have been hugely popular and are expected to grow at a faster rate than dating apps, particularly in Asian markets, according to Swindler. 

Dating app Snack is marketing itself to a new generation of daters and is building excitement with $3.5 million in funding, according to Tech Crunch.

The app is modeled after TikTok and Instagram, placing short form video as the centerpiece rather than profile pictures. Instead of swiping, each user has a feed they can scroll through to see what other users have posted. When you like a video, you are able to comment, and if two users like each other’s videos, then DMs open up for them to message over the app.

Bumble Founder and CEO Whitney Wolfe Herd became a billionaire this week after Bumble made its stock market debut on February 10^th.

The company offered shares initially at $43 a piece (up from its proposed initial amount of $28 to $30 per share), valuing the female-focused dating app conglomerate at over $8 billion. Shares surged immediately, trading at more than $76 each, making the firm worth $13 billion by the end of the day, according to CNN.

Bumble is one of the most high-profile IPOs in the tech industry this year, and its 31 year-old founder is an anomaly among tech CEOs as CNN points out – she doesn’t come from a STEM background, she didn’t raise billions in venture capital, but now she is a young female billionaire.

Dating app Bumble set the terms to raise as much as $1 billion for its initial public offering. The company is expected to make its stock market debut later this month.

According to Bloomberg, Bumble plans to sell a total of 34.5 million shares for $28 to $30 per share to reach its goal. This information was disclosed earlier this week in a filing with the Securities and Exchange Commission. If shares go for $30, Bumble would be valued at over $6 billion including debt after the listing, according to Bloomberg. This is based on the outstanding Class A shares in its listing document.