Bumble owner to spend $100 million on dating apps

The owner of the dating app Bumble said on Friday it would revamp its holding structure and spend $100 million, as it looks to better compete with Match’s Tinder.

The company has created Magic Lab, a holding company for its brands that include dating apps Badoo, Chappy and Lumen, said Andrey Andreev, founder and chief executive officer of the group.



The announcement comes more than one month after Facebook rolled out its dating feature to 14 more countries as it attempts to boost user-engagement on its platform.

Shares of Match edged 0.8 per cent lower in afternoon trading.