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The popular online dating app Bumble has filed an S-1 first with the Securities and Exchange Commission (SEC) in preparation for its initial public offering (IPO). The company plans to trade on the Nasdaq stock exchange using the stock symbol BMBL.
Since this is an initial deposit, Bumble has yet to disclose how much it hopes to raise, how many shares it will offer, or when the shares will start trading.
Image source: Getty Images.
The company was founded by Whitney Wolfe Herd, co-founder of Tinder, also CEO of Bumble. The company’s board of directors – 71% female – also attracts a lot of investor attention. This shouldn’t be surprising, as the female-centric features of the Bumble app require women to take the first step. The filing notes: “We believe 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 world’s most profitable online dating mobile apps. They are among the top five top-grossing iOS lifestyle apps in 30 and 89 countries, respectively, the company said, citing data from Sensor Tower. The apps had a combined total of 42 million monthly active users to end the third quarter, or 2.4 million paying customers.
For the nine months ended September 30, 2020, Bumble reported revenue of $ 416.6 million, up nearly 15% year-over-year, slowing significantly from growth of 36% in 2019. At the same time, the company went from profit to loss in the first nine months of last year, generating a loss of about $ 117 million, compounded from a gain of $ 69 million dollars over the period of the previous year.
There were two other notable issues in Bumble’s case. The company has admitted a significant weakness in its internal controls related to its financial reporting, although Bumble is working to correct the problem. Additionally, the company derives revenue from online advertising and noted that Appleof (NASDAQ: AAPL) The decision to let users opt out of ad tracking could dampen Bumble’s future growth.
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