What: Tinder has announced an agreement to acquire Snapchat-style video startup Wheel.
Why it matters: With 1.7 million paying users, Tinder is attempting to break into the world of short, Snapchat-stype videos.
Tinder has announced that it is acquiring Wheel, an L.A.-based start up launched in 2015 whose app a.lows users to create and share short videos, not unlike the very successful social media app Snapchat.
It hasn’t been confirmed if Tinder will be introducing video chats to its 1.7 million-paying-users through the app, but it would be a bold move from an increasingly popular platform.
For the moment, the dating app (which forms part of the Match Group, which is composed of 45 different dating services including Match, OkCupid and OurTime) will welcome some of Wheel’s executives. Paul Boukadakis, Wheel’s CEO, will become Tinder’s VP of special initiatives, and Chris Shaheen, former Wheel CTO, will join the engineering team.
“We are always exploring new ways to innovate while helping our users make connections on Tinder,” Brian Norgard, head of product and revenue at Tinder, said when announcing the Wheel deal. “I’m excited Paul is joining our product team to drive special initiatives that leverage his experience connecting people around innovative content.”
Details on how much Tinder will be paying for the transaction have not been revealed yet.