Bumble Is Said to Work With Goldman, Citi for Planned IPO

Bumble will be working with Goldman and Citi for its plan to go public during the first quarter, a media report says.
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Dating app Bumble is working with Goldman Sachs (GS) - Get Report and Citigroup  (C) - Get Report to plan an initial public offering for the first quarter, according to a media report.

In the IPO, Bumble could see a valuation ranging from $6 billion to $8 billion, according to Bloomberg.

Bumble, which is backed by the New York private-equity firm Blackstone Group  (BX) - Get Report, is also consulting with Morgan Stanley  (MS) - Get Report as an adviser on the listing, sources familiar with the matter told Bloomberg.

In 2019, Blackstone bought a majority stake in Bumble. The deal valued the company, then called MagicLab, at $3 billion, Bloomberg reported.

Bumble originally revealed its IPO plan in September.

Earlier this week, Bumble said that it was changing its “unmatch” feature to improve user safety.

Those using the app inappropriately and harassing other users will no longer be able to use the unmatch feature to avoid having their chat reported to app’s safety team. The update enables victims to report any harassment.

The new feature will allow the chat to disappear only for the person who is unmatching. Before the update, a conversation would be deleted for both people in a conversation once one of them unmatched with the other.

Bumble’s move to update its unmatch feature comes after an investigation by ABC reported the dangers of using dating apps.

Bumble was launched in 2014. The dating app enables women to make the first move in conversations with matches. 

Whitney Wolfe Herd founded and is CEO of Bumble. She also is co-founder of dating app Tinder.  (MTCH) - Get Report