The popular online dating app Bumble filed a preliminary S-1 application with the Securities and Exchange Commission (SEC) in preparation for its initial public offering (IPO). The company plans to negotiate on Nasdaq stock exchange using the BMBL symbol.
Because it is an initial deposit, Bumble has not yet disclosed how much it expects to withdraw, how many shares it will offer or when the shares will begin trading.
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The company was founded by Tinder co-founder Whitney Wolfe Herd, who is also CEO of Bumble. The company’s board – made up of 71% women – is also attracting a lot of investor attention. This shouldn’t be surprising, as the Bumble app’s women’s-oriented features require women to take the first step. The process notes: “We believe that we have the potential to become a preeminent global women’s brand.”
The company’s two dating apps, Bumble and Badoo, are two of the highest grossing online mobile dating apps in the world. They are among the five highest-grossing iOS lifestyle apps in 30 and 89 countries, respectively, the company said, citing data from Sensor Tower. The applications reached a combined total of 42 million monthly active users at the close of the third quarter, resulting in 2.4 million paying customers.
For the nine months ended September 30, 2020, Bumble reported revenue of $ 416.6 million, an increase of almost 15% year-over-year, slowing significantly from the 36% growth in 2019. At the same time, the company moved from profit to loss during the first nine months of last year, generating a loss of approximately $ 117 million, worsening from a gain of $ 69 million in the same period last year.
There were two other notable problems with the Bumble process. The company admitted a material weakness in its internal controls over its financial reporting, although Bumble is working to correct the problem. In addition, the company earns some revenue from online advertising and noted that Applein (NASDAQ: AAPL) The decision to allow users to opt in to ad tracking may hinder Bumble’s future growth.