Financial services giant Truist has acquired Long Game, a “gamified finance” mobile app, in an effort to drive new account growth and increase client retention.
The app encourages users to save money and engage with their finances by using prize-linked savings and casual gaming.
The acquisition — made by Truist Ventures, its venture capital arm — adds Long Game to Truist’s existing technology stack. In a statement, the company said it aimed to attract more clients, especially among the millennials and Gen Z cohorts.
Long Game’s staff, including engineers and designers, will join Truist’s innovation team, the company said.
Lindsay Holden, CEO and co-founder of Long Game, is to lead a team focused on technological innovation and development, based in San Francisco.
“Truist’s commitment to help people build financial wellness is exactly what we are about at Long Game,” said Holden. “We’ve revolutionized bank engagement and are eager to apply ourselves to creating disruptive technologies that help Truist deliver a human touch in new ways.”
Ken Meyer, CIO for consumer technology and innovation at Truist, said the purchase was a “critical component” of the company’s innovation strategy.
Separately, TD Bank Group recently announced the creation of a technology delivery hub based in South Florida. It is intended to tap into a growing pool of technology and innovation talent in the area to help the bank deliver new products and services to customers, it said in a statement.
TD expects to add 200 new roles in the hub, part of a wider plan to hire 2,000 people with digital technology skills.