FinTech: Banking Giant Truist Acquires Gamified Savings App Long Game

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The terms of the acquisition by Truist were not disclosed.

Truist Financial Corporation (NYSE: TFC) has acquired Long Game, a mobile savings gamification app that changes how users engage with their bank by using prize-linked savings and casual gaming to motivate smart financial behavior, driving account growth and client retention. The result of a 2019 merger between BB&T and SunTrust, Truist is the sixth-largest bank in the US and has $488 billion of assets. Long Game, founded in 2015, is a fintech startup with a team of 12 people. (CISION PR NEWSWIRE)

 Truist intends to use Long Game’s technology and interface for its own clients to encourage their financial wellness. Long Game uses best practices from mobile gaming, and a behavioral economics strategy called prize-linked savings, to increase savings and financial education. Prize-linked saving is a user placing money in a savings vehicle for a chance to win money.

Long Game has raised over $20 million in funding and is led by co-founder and CEO Lindsay Holden. At Truist, she will lead a team for technology innovation and developing new client-facing solutions.

“Truist’s commitment to helping people build financial wellness is exactly what we are about at Long Game,” said Holden in a statement. “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.”

“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,” said Vanessa Indriolo Vreeland, head of corporate development and Truist Ventures. “Long Game is a female-led business with a diverse team of incredibly talented innovators creating unique solutions to help people achieve financial confidence.”

Related Story: Brex Acquires Pry Financials For $90M

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