Finances

Dating app Bumble agreed to pay the state of New Jersey $315,000 in a settlement after the state’s Attorney General Matthew Platkin argued that the dating company violated state consumer protection and internet dating safety laws. The lawsuit alleged that Bumble allowed convicted sex offenders and other criminals on the app without warning other users.

Starting in 2020, the Division of Consumer Affairs launched an investigation into Bumble and Badoo dating platforms amid concerns of sexual assault occurring on the dating apps, and found that the company either “inaccurately represented their criminal background screening policies or failed to disclose them all,” according to NJBiz.com. They concluded that this violated the New Jersey Consumer Fraud Act and the Internet Dating Safety Act.

Bumble Inc. owns both Bumble and Badoo dating apps.

Match Group signed a partnership deal with OpenAI’s ChatGPT-4, which includes over 1,000 ChatGPT Enterprise licenses for company employees to help with their work-related tasks. Match Group noted that the press release announcing the move was written by ChatGPT.

While Match Group has been heavily focused on using AI to develop new features for its platform, this move incorporates it into the company’s internal workflow. Employees will use ChatGPT-4 to aid with coding, design, analysis, to build templates, and other tasks.

It will also help with marketing communications, although the press release is a bit over the top. As Tech Crunch notes, even though releases are designed to create buzz and excitement, Match’s latest announcement is heavy with love analogies and puns, which makes for a groan-inducing read.

New research has shown that the dating app market, once booming after the pandemic, has started to show signs of slowing down.

According to Tech Crunch, research firm data.ai found that global downloads of dating apps saw very tepid growth year-over-year in January 2024. The slight increase of 1.9 percent (128 million installs) from January 2023 was down drastically from the 29 percent increase seen the year before.

In the U.S., data.ai found only a 2.38 percent year-over-year growth from January 2023 to January 2024, with 12.7 million installs, down from a 16 percent growth seen during the same time period last year.

The U.S. market is one of the largest and most lucrative for dating apps, but Pew reported last year that only three in ten U.S. adults had ever used a dating app or online dating site, the same percentage that was reported in 2019. This was surprising considering how dating apps took off during the pandemic and the years immediately following.

Image: Neon

Score, a new dating app for those with credit scores of 675 or higher, is now available to join. The app was launched by financial platform Neon Money Club, which wanted to raise awareness about the importance of finances in relationships.

According to Tech Crunch, the fiscally-minded app is intended to push daters to have conversations about money, which is often a taboo subject. “We need to take the conversation to areas where finance isn’t traditionally discussed,” Luke Bailey, co-founder and CEO of Neon Money Club, told TechCrunch. “Before you can educate people, you need to get their attention. With Score, we’re bringing the conversation to dating.”

Users of the app must apply to join, and upon signing up, Neon Money Club will do a credit check (that won’t impact their credit score) to verify they meet the minimum requirement. Tech Crunch notes that credit scores will not appear on anyone’s profile, and people won’t be matched according to their score level (i.e. someone with a score of 680 can match someone with a score of 800).

Some dating app users are becoming creative in their frustration with matches they are served and have started using hacks to trip up the algorithms behind the matching.

According to a recent feature in The New York Times, these hacks are aimed at besting the algorithm so that users can try and access different results. The tricky part is, the dating apps are putting more and more features behind a paywall, so it’s getting more convoluted to try and get around the algorithm.

But some dating app hackers are finding success and posting their methods on TikTok and Reddit. For example, some users recommend deactivating and then reactivating your account to get a fresh set of matches, according to The New York Times. Some have also suggested rejecting a bunch of attractive profiles to throw off the matching process, or to switch your location to a different city, which is like pressing “refresh” on your matches.

Match Group released its first quarter revenue forecast, falling below Wall Street analyst expectations as users continue to cut back on their dating app spending.

According to Reuters, the company also authorized a $1 billion share buyback plan.

The company, which owns Tinder, Hinge, OkCupid and Match among other dating apps, said paying users declined 5 percent in the fourth quarter of 2023 compared to the previous year, to 15.2 million. It expects revenue between $850 and $860 million for the first quarter, down from analysts’ forecasts of $867 million on average, according to Reuters.