Justin McLeod, the founder of Hinge, is stepping down as CEO of the popular dating app to launch a new AI-powered dating service called Overtone, which will use AI and voice tools to “help people connect in a more thoughtful and personal way.”
Match Group Joins Overtone Board
McLeod will be succeeded by Jackie Jantos, who currently serves as Hinge’s president and chief marketing officer, announced Hinge’s parent company, Match Group (NASDAQ:MTCH), on Tuesday. McLeod will continue to advise Hinge until March.
Match, the parent company of Tinder and other dating platforms, will take a substantial stake in Overtone. CEO Spencer Rascoff will also join Overtone’s board. The company plans to lead Overtone’s initial funding round in early 2026.
“The company’s momentum, including being on track to reach $1 billion in revenue by 2027, gives me full confidence in where Hinge is headed,” said McLeod in a statement.
McLeod’s departure from Hinge comes at a time when the online dating industry is facing increased scrutiny. Match has been under pressure from U.S. senators since September to address the rising issue of romance scams on its platforms, particularly Tinder.
For the third quarter, Match Group’s total revenue grew 2% year-on-year to $914 million, a little under the anticipated $915.22 million. At the same time, the company posted an EPS of $0.62, missing the $0.63 expectation.
Investment bank, Raymond James, reiterated its Market-Perform rating on the stock and lauded the company’s move to back McLeod, reported Investing.com. The firm called the move “an interesting play in an ecosystem” and a “well-calculated risk.”
Benzinga's Edge Rankings place Match Group in the 50th percentile for momentum and the 45th percentile for growth, reflecting its average performance in both areas. Check the detailed report here.
Price Action: On a year-to-date basis, Match Group stock climbed 4.32% as per data from Benzinga Pro. On Tuesday, it fell 0.32% to close at $34.02.
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