Bumble (BMDL) raised $2.2 billion through its public offering today at $43 a share and rising up 66.73% opening to $76 a share and later heading slightly lower to recent $70.00.
Bumble generated revenue of $416.6 million in the first nine months of 2020, up from $362.6 million during the same period a year earlier. Bumble had a net loss of $118.5 million during the first nine months of 2020, versus net income of $54.0 million in the same period a year before.
Bumble increased their paying users to 2.4 million as of Sept. 30, up from 2.1 million users a year prior.
The dating app is popular for letting women make the first move to contact gentlemen they’re interested in. The app makes it simple for users to swipe left or right to show interest or not. The company’s brands itself around the idea to let women make the first move
Bumble monetizes the site by letting users pay for premium features, such as the ability to see who’s already liked them on the app. Bumble has a dating website that’s immensely popular in Europe called Badoo.
It’s a match. 💛
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“We believe we have the potential to become a pre-eminent global women’s brand,” Chief Executive Whitney Wolfe Herd said on the company’s virtual investor roadshow.
Bumble will continue an international expansion growing their BFF and Bizz properties, that are for friendships and professional networking.