Score, a dating app designed for individuals with good to excellent credit, officially shut down in early August, as confirmed by the company to TechCrunch. However, due to overwhelming user interest, its parent company, Neon Money Club, extended its lifespan to six months. During this period, the app amassed around 18,000 users, facilitated 8,000 matches and provided valuable insights into the modern dating scene.
Score Purpose and Impact of ScoreÂ
Luke Bailey, co-founder of Neon Money Club, explained to TechCrunch that the app was created to raise awareness about credit health and spark a broader conversation.
Acquisition Prospects and Industry Reflections
When asked about the possibility of an acquisition, Bailey suggested that larger dating companies focus on keeping their apps relevant, leaving little room to explore new ventures like Score. He also highlighted the broader appeal of lifestyle apps with a purpose beyond mere social connections, expressing openness to the idea of one of the industry leaders acquiring the insights gained from Score.
Data Insights on Credit Scores and Dating ScoresÂ
Score gathered a wealth of data that offers a fascinating glimpse into the current dating landscape. The company noted that millennial users had the highest credit scores of all groups, with a notable gender gap: millennial men’s scores were, on average, 11% higher than those of millennial women. In contrast, Generation Z showed a smaller gap, with men’s scores just 3% higher than women’s. Gen X had the smallest gender gap, at just 0.4%.
Economic Gender Gap Highlighted
Bailey pointed out the significant 11% credit score advantage that millennial men held over millennial women, attributing it to the financial burdens faced by the most educated generation of women in history. He expressed hope that the lower disparities among Gen Z indicate a potential for closing this economic gender gap in the future. Bailey also urged policymakers to address this issue and find solutions to help mitigate the financial challenges faced by women.
Controversy and Mission Clarification
The app sparked debate upon its launch, with some critics labeling it as classist. Bailey, however, defended the app’s mission, stating that those who criticized it had not fully understood its purpose. He reiterated that Score aimed to connect individuals who prioritized financial health, raise awareness about credit scores, and provide educational resources to help users on their financial journeys.
Neon Money Club’s Future Plans ScoreÂ
Neon Money Club, founded in 2021 to promote financial literacy, made history last year by becoming the first Black-owned tech company to launch a credit card with AMEX. While Bailey mentioned that the company is unlikely to create another dating app, he hinted at the possibility of future innovative projects focused on financial wellness. Upcoming initiatives include expanding experiences around its AMEX card, Time investing account, and a new wellness studio.
Score Exciting Developments on the Horizon
Bailey shared that Neon Money Club is developing impactful content in its unique style, which is expected to significantly impact the financial space and beyond. He encouraged followers to stay tuned for what’s next from the company.
