Bumble owner to spend $100 million on dating apps

The company has created Magic Lab, a holding company for its brands that include dating apps Badoo, Chappy and Lumen.

Bumble announces big spending to compete with rival, Tinder. (Bumble)

The owner of dating app Bumble said on Friday it would revamp its holding structure and spend $100 million, as it looks to better compete with Match Group's Tinder.

The company has created Magic Lab, a holding company for its brands that include dating apps Badoo, Chappy and Lumen, said Andrey Andreev, founder and chief executive officer of the group.

The announcement comes more than one month after Facebook Inc rolled out its dating feature to 14 more countries as it attempts to boost user-engagement on its platform.

Shares of Match Group edged 0.8% lower in afternoon trading.