Bumble Inc

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.

Image: Bumble

Female-forward dating app Bumble said it will ban users who engage in body-shaming on the app.

The company said that it’s employing an algorithm that identifies and flags users engaging in derogatory language that is “fatphobic, racist, or homophobic,” according to The Guardian. Once these accounts are flagged, moderators will analyze the conversation to determine whether the user violated the new policy. If they are determined to have used inappropriate language, they will receive a warning, and if they engaged repeatedly in such language or hateful rhetoric, they will be banned.

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.

A new investment scam targeting dating app users has been detected by Interpol, according to ZDNet.

The International Criminal Police Organization (Interpol) issued a “purple notice” to 194 member countries, describing a new money-making scheme on dating apps, according to ZDNet. Interpol stated that the scam “takes advantage of people’s vulnerabilities as they look for potential matches, and lures them into sophisticated fraud scheme.”

The scammers have set up fake profiles in apps like Tinder, Bumble, and eHarmony, and match with users who don’t know they are scammers. The scammers then message their targets pretending to be interested in them romantically in order to build trust, occasionally giving them investment “tips” to turn the conversation towards money.

Bumble Inc. made its IPO filing public Friday January 15th, following rumors that the company would go public in time for Valentine’s Day. The app is expected to list on NASDAQ under the BMBL ticker.

According to The New York Post, Bumble reported revenue of $488.9 million in 2019, and $376.6 million in revenue between January 29 and September 30th of 2020. (Fourth quarter results have not been reported.) The pandemic has helped fuel dating app sign-ups and activity, with people using them to connect in a time of social distancing. Bumble offers an in-app video chat feature, which has been incredibly popular the last several months as people were in lockdown.