Bumble Dating App Experiences Surge On Wall Street, Pandemic Opens Opportunities For Them To Skyrocket

Photo illustration (Source: Bumble)

JAKARTA - The dating app, Bumble, has experienced an increase in market value of more than US $ 13 billion. The success of Bumble on Wall Street made the Whitney Wolfe Herd one of a number of female billionaires.

Bumble, which also owns Badoo, was one of the many publicly listed US companies currently led by a female founder. Shares in the company debuted at 43 US dollars each, valuing more than 8 billion US dollars.

But in opening trade on Thursday they jumped to more than US $ 76 each, making the company worth more than US $ 13 billion.

Bumble, whose application is available in more than 150 countries, said that it is ready to develop its wings. They see that belief in the large number of singles globally.

Pandemic effect

The pandemic is pushing their development even faster. Bumble noted an increase in their paid subscribers during the pandemic.

Despite the increase in paid subscribers, the pandemic is also hitting them. In 2019, revenue jumped more than 35 percent and resulted in a profit of 68.6 million US dollars.

But in the first nine months of 2020, the growth rate slumped to around 15 percent year-on-year. Bumble also posted a loss of 116 million dollars.

In recent months, investors have shown a strong interest in new listing stocks, sending companies like Airbnb and Doordash to sky-high valuations in their market debuts.

And Bumble, however, is likely to skyrocket. Especially with Whitney Wolfe's breakthrough, where Bumble gives women more free space to control their dating.