US financial services firm Truist has acquired mobile savings app Long Game for an undisclosed sum.
Long Game is aimed at millennial and Gen Z users and leverages behavioural economics, prize-linked savings and casual gaming to motivate healthy financial behaviours and promote better financial education.
Truist intends to leverage Long Game’s technology to help its own clients build long-term financial wellness and increase engagement, particularly among millennials and Gen Z customers.
The bank says Long Game’s technology also complements its workplace financial wellness programme Momentum, which educates and encourages employees to better manage their money.
Under the deal, Long Game’s engineers, designers and business leaders will join Truist’s innovation team.
Long Game co-founder and CEO Lindsay Holden will lead a team of engineers, product managers and designers based in San Francisco responsible for the development of new client-centric solutions.
Truist chief information officer for consumer technology and innovation Ken Meyer says the acquisition of Long Game is part of a “broader innovation strategy” to future-proof Truist’s core businesses and “attract inventive and entrepreneurial talent” to help deliver new product offerings.