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Bumble owner to spend $100 mln on dating apps

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

June 14 (Reuters) - The owner of dating app Bumble said on Friday it would revamp its holding structure and spend $100 million, as it looks to better compete with Match Group's MTCH.O 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 FB.O 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)

((Sayanti.Chakraborty@thomsonreuters.com; +1-646-223-8780; Reuters Messaging: sayanti.chakraborty.thomsonreuters@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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