Whitney Wolfe Herd, founder of the female focused dating app Bumble, just became a billionaire at age 31.
Herd was one of the original five co-founders of Tinder, but left the company in 2014 and sued her male partners for sexual harassment.
She went on to develop her own app that prioritizes women, allowing them to make the first move in the dating process. The company boasted 2.4 million paying users as of Sept. 3-, and increase from its 2.1 million the year before.
The company’s shares, trading under the ticker symbol BMBL, opened at $76 a shared significantly above the company’s IPO pricing of $43 a share. I
Bumble is a dating app as well as a place to find platonic friends and network. Users pay money for premium features including the ability to see who’s already liked them on the app. It also operates a dating app in Europe called Bad.
In the first nine months of 2020, the company generate $416.6 million in revenue, up from $362.6 million during the comparable period a year earlier. It recorded a net loss of $118.5 million during the first nine months of 2020, versus net income of $54 million in the same period a year before.