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Truist Financial Acquires Gamefield Fintech Startup

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11 May 2022
min read
TWN In-Focus

News Synopsis

Truist Financial Corp, one of the country's largest commercial bank operators, has acquired Long Game Savings Inc, a mobile app maker that invests in game technology and rewards users by saving money.

The deal, led by Truist Ventures, a venture capital firm based in Charlotte, North Carolina, involves a team of Long Game engineers and designers. Truist said it plans to run Long Game as a standalone app, for now, to turn the app's users into customers. The terms of the contract have not been disclosed.

San Francisco-primarily based Long Game had 12 financial institution and credit-union clients previous to the Truist acquisition, stated co-founder and CEO Lindsay Holden, with customers spending around 13 minutes in line with consultation and saving a mean of around $60 a month, she stated. According to Ms. Holden, Long Game has attracted hundreds of thousands of users ever since its launch in 2015.

The deal comes with the integration of the video game industry continuing to experience a post-pandemic surge. This began with Microsoft Corp. offering and taking over game giant Activision Blizzard Inc under $75 billion worth of cash transactions. Spending on mergers and acquisitions in gaming has almost tripled to $26.2 billion in 2021 from $8.9 billion in 2020.

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