Acquisition underscores Truist's commitment to
financial wellness, technology innovation and diversity
CHARLOTTE, N.C., May 3, 2022
/PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today
announced it has acquired Long Game, the award-winning gamified
finance mobile app that is changing the way people save, learn and
engage with their finances. Long Game transforms how users engage
with their bank by using prize-linked savings and casual gaming to
motivate smart financial behaviors and driving new account growth
and client retention for banks. Truist will leverage Long Game's
innovative technology to help its clients build long-term financial
wellness and advance its purpose to inspire and build better lives
and communities.
"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."
As part of the acquisition, Long Game's engineers, designers and
business leaders will join Truist's growing Innovation team. Long
Game Co-founder and CEO Lindsay
Holden will lead a team of engineers, product managers and
designers responsible for technology innovation and development of
new client-centric solutions. The team will be based in
San Francisco, CA.
"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," said Ken Meyer, CIO for Consumer Technology and
Innovation at Truist. "We're 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."
Long Game's modern architecture is aligned with Truist's
existing technology stack, which will increase client engagement,
savings, and financial education, particularly among millennial and
Gen Z populations. The technology is also complementary to Truist
Momentum, a workplace financial wellness program that educates,
equips and inspires employees to manage their money based on what
matters most to them.
"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."
About Truist Ventures
Truist Ventures is the corporate venture capital division of
Truist Financial Corporation (NYSE: TFC), a purpose-driven
financial services company committed to inspire and build better
lives and communities. Headquartered in Charlotte, North Carolina, Truist Ventures
delivers unprecedented touch and technology to Truist clients
through partnerships with, and investments in, innovative companies
and exceptional management teams with novel solutions to help
Truist shape the future of finance. Truist Ventures' investment
focus stretches beyond traditional financial technology into
adjacent, disruptive technologies that enable Truist to deliver a
human touch in new ways. Leveraging Truist's extensive network of
executive-level talent and industry experts in technology,
investment banking, capital markets and innovation, the Truist
Ventures team helps portfolio companies fulfill growth
opportunities through unparalleled access to exceptional support.
Alston & Bird LLP in Atlanta,
Georgia represented Truist in this transaction.
About Truist
Truist Financial Corporation is a purpose-driven financial
services company committed to inspiring and building better lives
and communities. Truist has leading market share in many
high-growth markets in the country, and offers a wide range of
services including retail, small business and commercial banking;
asset management; capital markets; commercial real estate;
corporate and institutional banking; insurance; mortgage; payments;
specialized lending; and wealth management. Headquartered in
Charlotte, North Carolina, Truist
is a top 10 U.S. commercial bank with total assets of $544 billion as of March
31, 2022. Truist Bank, Member FDIC. Learn more at
Truist.com.
About Long Game
Long Game is a personal finance app that uses gamification to
empower Gen-Z and millennials to develop healthy financial habits.
The app uses best-practices from mobile gaming, and a behavioral
economics strategy called prize-linked savings, to increase savings
and financial education. Financial institutions today work with
Long Game to add new customers, increase usage of their products,
and promote financial literacy. Headquartered in San Francisco, California, the company was
founded in 2015.
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SOURCE Truist Financial Corporation