Truist Financial Corporation, a financial services company, announced on Tuesday that it had acquired Long Game, a gamified finance mobile app. According to the press release, the app uses prize-linked savings and casual gaming to motivate smart financial behaviour and drive new account growth and client retention for banks.
Truist said that it expects to leverage Long Game’s technology to help its clients "build long-term financial wellness and advance its purpose to inspire and build better lives and communities." A team of engineers, designers and business leaders from Long Game will be joining Truist's Innovation team as a part of the acquisition.
In addition to leading a team of engineers, product managers and designers, Long Game's Co-Founder and CEO, Lindsay Holden will be responsible for technology innovation and the development of new client-centered solutions. San Francisco, California, will be home to the team.
Comments on the Acquisition
"At Truist, we are laser-focused on shaping the future of finance with innovative people and products and democratizing entrepreneurial opportunity while we do it. Long Game is a female-led business with a diverse team of incredibly talented innovators creating unique solutions to help people achieve financial confidence,” Vanessa Indriolo Vreeland, the Head of Corporate Development at Truist Ventures, commented.
Ken Meyer, the CIO for Consumer Technology and Innovation at Truist, added: "This acquisition is a critical component of a broader innovation strategy at Truist that will future-proof our core businesses and attract inventive and entrepreneurial talent to help deliver new and groundbreaking solutions. We're incredibly excited to welcome Lindsay and the Long Game team as we roll out this strategy and create new and distinctive experiences for our clients."
Truist holds the leading market share in many of the country's high-growth markets, and offers a wide range of financial services, including retail banking, small business banking, commercial banking, asset management, capital markets, commercial real estate, corporate and institutional banking, insurance, mortgages, payments, specialized lending and wealth management. Truist, a top 10 US commercial bank with headquarters in Charlotte, North Carolina, has total assets of $544 billion as of 31 March 2022.
