UK markets close in 6 hours 36 minutes
  • FTSE 100

    7,287.16
    -36.25 (-0.49%)
     
  • FTSE 250

    19,136.10
    -215.17 (-1.11%)
     
  • AIM

    901.84
    -5.77 (-0.64%)
     
  • GBP/EUR

    1.1583
    -0.0002 (-0.02%)
     
  • GBP/USD

    1.2171
    -0.0013 (-0.11%)
     
  • BTC-GBP

    16,470.17
    -899.65 (-5.18%)
     
  • CMC Crypto 200

    433.68
    -16.38 (-3.64%)
     
  • S&P 500

    3,821.55
    -78.56 (-2.01%)
     
  • DOW

    30,946.99
    -491.31 (-1.56%)
     
  • CRUDE OIL

    111.58
    -0.18 (-0.16%)
     
  • GOLD FUTURES

    1,816.70
    -4.50 (-0.25%)
     
  • NIKKEI 225

    26,804.60
    -244.87 (-0.91%)
     
  • HANG SENG

    21,996.89
    -422.08 (-1.88%)
     
  • DAX

    13,080.27
    -151.55 (-1.15%)
     
  • CAC 40

    6,051.96
    -34.06 (-0.56%)
     

Bumble owner to spend $100 million on dating apps

  • Oops!
    Something went wrong.
    Please try again later.
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - The owner of dating app Bumble said on Friday it would revamp its holding structure and spend $100 million (£79 million), as it looks to better compete with Match Group'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 Inc rolled out its dating feature to 14 more countries as it attempts to boost user-engagement on its platform.

Shares of Match Group edged 0.8% lower in afternoon trading.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Maju Samuel)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting