Finances

Popular feminist dating app Bumble is preparing for an initial public offering early next year, and is reportedly talking with banks about the plan.

The timing is still tenuous, but it was reported by Bloomberg News that the company’s valuation could be between $6 billion to $8 billion dollars. Bloomberg also noted that private equity firm Blackstone Group bought a majority stake in Bumble last year, when it was known as MagicLab. Blackstone valued the company then at $3 billion.

MacigLab was recently rebranded as Bumble by its new CEO and Bumble founder Whitney Wolfe Herd, who took over after Andrey Andreev resigned. Herd has made some changes including significant rebranding and folding in gay dating app Chappy to its signature Bumble dating app. Popular dating app Badoo, also founded by Andreev, is part of the Bumble suite of apps.

BlueCity, parent company of China’s largest gay dating app Blued, has just announced its acquisition of popular Chinese lesbian dating app LESDO, marking the first-ever deal within the country’s LGBTQ market.

LESDO is an app created specifically for Lesbian users and one of the most popular lesbian social apps in China along with Rela. No financial information was disclosed about the deal. 

"We can see the scale of existing lesbian apps are not big enough to meet the demand of a sizable market," BlueCity's founder and chief executive Ma Baoli said in an interview with Reuters. He added that BlueCity could offer algorithm support, marketing, and financing to boost customer retention and visibility as well as increase new subscribers of the app.

The Meet Group’s revenue and profits soared past original milestones for Q2 of this year, thanks in part to so many singles turning to dating apps during coronavirus lockdowns.

The company beat Wall Street estimates, with net income at $10.3 million, up from $2.2 million in the same period last year. This was a huge jump – resulting in a 373% increase in profits for the company. According to Philadelphia Business Journal, The Meet Group did not conduct an earnings call with investors over Q2 results, nor did they speak to the publication about the increase, and what part of its business was generating the most income.

The Australian Consumer Agency Choice has filed an official complaint against popular dating app Tinder for secret multiple pricing levels for its Tinder Plus premium service based on a user’s personal data, including gender, sexual preference, and age.

The complaint was filed with ACCC, the national consumer commission in Australia, according to Mashable. It’s been no secret that Tinder has charged higher prices for Tinder Plus to users over the age of 30, but this is the first time the public has learned of multi-level pricing based on personal data, and the wide range of pricing – from AUD$6.99 to AUD$34. Tinder offered no transparency about their pricing up front, so many users are probably still unaware they are being charged more if they are over 30, or LQBTQ+, or if they are male, for example.

Match Group announced that it had exceeded Wall Street revenue expectations for Q2 despite concern over drops in paying subscribers and a la carte services in April, as coronavirus began to spread through the U.S. The company also saw its stock tick up in value immediately following this news.

Match Group reported second quarter earnings that grew 15% year over year, and an 18% increase in subscribers year over year. Their earnings report also shows an increase in subscribers and downloads over pre-pandemic levels, and according to Business Insider, paid subscriptions are also back to the same level as before. 

Match Group, parent company of popular dating app Tinder, confirmed to Tech Crunch that the new premium service Tinder Platinum will be launching in Q4 of this year.

Tinder already offers two VIP tiers of service: Plus and Gold. There has been speculation for weeks about Platinum after a UK-based user said an offer popped up for the exclusive service as he was logged in over the web, but he wasn’t able to upgrade.