January 29, 2021 | AtoZ Markets – Bumble, the company best known for its female-centred dating and networking app, is gearing up to take on Wall Street.
The company revealed its plans to go public on the Nasdaq Stock Market on January 15th under the ticker symbol “BMBL”. This news comes after the company revealed a net loss of $84.1 million on revenue of $376.6 million between the 29th of January and the 30th of September, 2020.
Bumble was founded in 2014, by the former co-founder of Tinder, Whitney Wolfe Herd. It was originally intended to become a female-focused social network before pivoting to a female-focused dating app, empowering women to make their own decisions by “forcing” them to make the first move.
Since its launch, women have made 1.7 billion first moves and the app hosts approximately 30% more female users than male. Bumble has also expanded its platform to include services such as professional networking with Bumble Bizz and finding new friends with Bumble BFF. According to its IPO papers, as of the end of September 2020, the Bumble dating empire counted 42.1 million monthly active users.
Wolfe Herd co-founded Bumble with the Russian billionaire Andrey Andreev, who previously founded the older dating app Badoo. Blackstone Group (NYSE:BX), Bumble’s biggest backer, bought out Andreev’s stake in 2019 and handed control of both platforms to Wolfe Herd. Together, both apps are present in more than 150 countries with Badoo maintaining popularity in Europe and Latin America and Bumble being more widely used in the U.S., U.K., Canada, and Australia.
According to Sensor Tower, Bumble is currently one of the top five highest-grossing iOS lifestyle apps across 30 countries while Badoo is a top-five app in 98 countries.
What Makes Bumble Different?
Wolf Herd has worked hard to set her company apart from other competing apps such as Tinder, Hinge, Match, and OkCupid all owned by Match Group. Unlike many other technology companies, the majority of Bumble’s board is made up of women.
Bumble has also made strides when it comes to user safety from efficiently blocking misogynistic users to flagging lewd images sent through direct messages on its app. Wolf Herd has also used her own platform to weigh in on issues surrounding women and the digital world. In fact, in 2019, she and Bumble successfully advocated for a new Texas law outlawing digital sexual harassment. At 31, Wolfe Herd will become one of the youngest female CEOs in tech to take her company public.
If Bumble can replicate the success of its female-focused strategies in other markets, it could continue to gain millions of new users. Its early-mover advantage will also give it an edge against latecomers like Facebook (NASDAQ:FB), which rolled out its own digital dating product “Facebook Dating”, last year. Much like love, trading is often a game of chance. Increase your odds of finding the one and cashing out by benefitting from narrow spreads and high leverage on a variety of CFDs, only at LonghornFX.