Finances

Shares for dating conglomerate Match Group soared in early September, following the company’s new listing to the S&P 500. As of September 20th, Match Group will replace Perrigo Company, according to an announcement by the Dow Jones Indices.

Stocks tend to rise after being added to the S&P 500, as they become a “must-buy” for index funds, which track stocks on the benchmark index. Shares of Match Group are up more than 50 percent since this time last year with after-hour gains according to CNBC. This is more than a year after the separation from its former parent company IAC in July of 2020.

News of the Match Group’s rising share price also follows Apple’s announcement that it will relax its app store rules, which Match Group, Spotify and a number of other companies have been fighting for over a year. Apple agreed that the companies can provide a link to their websites from the apps for users to sign up for subscriptions, allowing the developer to bypass Apple’s cut, which was anywhere from 15 to 30 percent of sales. 

Match Group and Bumble CEOs

The CEOs of dating companies Match Group and Bumble have created relief funds for people in Texas affected by the new abortion ban.

The new law, also known as SB8, prevents women from having abortions after six weeks, long before most women know they are pregnant and effectively banning them altogether. In addition, citizens have been empowered and incentivized to bring civil lawsuits against anyone involved in assisting a woman getting an abortion, including doctors, family members, and even rideshare drivers. As a result, the female CEOs of two dating companies based in Texas – Match Group and Bumble – are fighting back on behalf of women by setting up funds to help people receive care out of state.

According to CNBC, Match Group’s CEO Shar Dubey announced that she will personally finance and help the company’s Texas-based employees receive out of state care if they need it. Bumble’s Whitney Wolfe Herd announced the company will create a fund for people in Texas who need access to care and send the money to organizations that support reproductive rights. 

Dating app users flocked to dating apps during the month of July, setting a new record for activity and engagement, according to a recent study from Apptopia.

The app research firm has been collecting data since 2015 and found that active daily users on the most popular dating apps – including Tinder and Bumble – jumped to almost 15 million in July, an all-time high, as reported by Bloomberg. 

This follows news from media outlets anticipating a “hot vax summer,” where singles were getting ready to meet dates in person again after a series of lockdowns due to the Covid-19 pandemic. With the distribution of vaccines on the rise, especially in the U.S., U.K. and Australia, dating app users were getting vaccinated and flocking to apps to connect and schedule dates. 

Dating conglomerate Match Group was ordered to pay $2 million USD to settle a civil lawsuit filed by Santa Cruz County involving the company’s practices when it comes to automatic renewals. Match Group app users complained of a confusing and difficult process when they wanted to terminate their accounts and were often unaware when the company automatically renewed their membership without notifying or asking them to do so.

According to The San Diego Union Tribune, the settlement was signed by a Santa Cruz Superior Court Judge in early July, and the company was ordered to pay civil penalties and victim restitution that amounted to $2 million. Match Group has also been ordered to change its renewal and termination processes to make them more transparent to customers, including getting consent from users via a checkbox before automatically renewing their subscriptions, and emailing customers confirmations of transactions.

“Consumers should be protected from practices that deceptively and unfairly force them to pay for something they don’t want,” L.A. District Attorney Gascón told Canyon News. “We want companies to thrive, but they should be mindful to not abuse technology tools to violate consumer protections.”

Dating app Thursday has secured $3.5 million in seed money investment after launching in New York and London in May, according to Tech Crunch.

The dating app’s name comes from the fact that it’s only live once a week – on Thursdays, so users of the app will have to be sure to log on then if they don’t want to wait another week to connect with potential matches. Thursday goes live at 1:00am and closes at midnight each week, when all conversations and matches vanish. So, if you really want to continue with a match you made on the app, you have to commit and make plans quickly. 

The idea seems to be taking off, at least for now. A month and a half after its launch, the company said in a statement that it had 52,000 downloads, 110,000 likes were sent, and also reported 7,500 matches in a single day. The company also received more seed money than it had planned to raise.

Dating app Snack has announced it is looking for young Gen Z investors with the launch of its new Gen Z Syndicate on AngelList. 

According to Tech Crunch, this move opens funding to Gen Z community members, the app’s target audience. The company hopes to attract influencers, creatives, and young entrepreneurs to participate in the company’s $2 million ask alongside angel investors and other funding sources, giving them a stake in the app.

Snack is setting this up as a SAFE (small investment future equity), which means its offering is based on future growth, and the company is allocating a certain amount to create its own Gen Z syndicate.