US financial services group Truist Financial (Truist) has purchased Long Game, a gamified finance mobile app, for an undisclosed sum.
Long Game’s team members will now become part of Truist’s Innovation team.
Truist plans to leverage Long Game’s technology that uses gamification to help young customers develop healthy financial habits.
Long Game relies on a behavioural economics strategy called prize-linked savings to help increase savings and promote financial education by incentivising customers.
Its co-founder and CEO Lindsay Holden will spearhead a team that will focus on technology innovation and the development of new client-focused tools.
Truist CIO for consumer technology and innovation Ken Meyer said: “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 are 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 noted that the app’s architecture aligns with its existing technology stack and is also complementary to Truist Momentum, a workplace financial wellness programme.
Holden said: “Truist’s commitment to help people build financial wellness is exactly what we are about at Long Game.
“We have revolutionised bank engagement and are eager to apply ourselves to creating disruptive technologies that help Truist deliver a human touch in new ways.”
In August 2021, Truist’s wholly-owned unit Truist Bank signed a $2bn deal to buy Service Finance Company.