Dating app company Bumble (NASDAQ: BMBL) has made its first-ever acquisition after buying French dating app Fruitz.
More on Bumble💛 Bumble users can create a profile of themselves with pictures & they can swipe through other users. The company went public on February 10th, 2021, & its stock is down over 60% since then.
More on Fruitz🍇 Fruitz is popular among Gen Z users in Europe. It uses a swipe-based interface & a freemium model, similar to most dating apps out there.
More Details🧐 Terms of the deal were not disclosed.
Why is this Important🤔 Analysts believe there’s still a lot more room for dating apps to grow.
Investment bank Piper Sandler (NYSE: PIPR) sees the global online dating market growing at a 13% compound annual growth rate, to reach almost $10 billion in 2025.