Truist Financial buys Long Game Savings to expand its customer base

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Truist Financial Corporation, an America-based bank holding company, has recently extended its investment in game tech, acquiring Long Game Savings Incorporation, the developer of a mobile app that gives rewards to its users for saving money.

The deal was headed by Truist Ventures, a venture capital arm of Truist Financial, and included Long Game’s skilled team of designers and engineers. For now, Truist has plans to run the app as a stand-alone application in order to turn users of the app into customers.

Scott Case, the Chief Information Officer at Truist, said that the acquisition of Long Games brings new households and deep-rooted relationships with existing households. The 12-person Long Game team will firstly emphasize on the game app, but their responsibilities could expand over time to enhance user experience on the banking app.

Lindsay Holden, co-founder and CEO of Long Game, said that prior to Truist acquisition, Long Game had 12 bank and credit union customers, along with users spending approximately 13 minutes per session and saving an average $60 per month.

She added that Long Game has attracted thousands of users since the company was established in 2015. The platform enables regular interaction via games which helps users to contribute to their savings goals, thereby helping build deposits for the bank.

Long Game players earn in-app coins by achieving saving goals and answering quizzes on financial literacy. The collected coins unlock the eligibility of the user to play further games, which can offer cash rewards.

Reportedly, Long Game had secured $20 million, and its investors include Thrive Capital, Franklin Templeton, Vestigo Ventures, and Collaborative Fund.

Incidentally, the deal comes as the videogame space continues to surge after the post pandemic era, with Microsoft’s bid to acquire game major Activision Blizzard Inc. in deal valued at $75 billion. In fact, estimates suggest that investments in mergers and acquisitions in gaming tripled to $26.2 billion in 2021 from $8.9 billion in 2020.

Source Credit: https://www.wsj.com/articles/truist-financial-acquires-gamified-fintech-startup-long-game-11652219591