US-based dating app Bumble raised $2.2 billion in an IPO, funds it plans to employ to boost its paying user base and increase investments in untapped markets.

In a statement, the company said part of the proceeds will go for general corporate purposes and partially repay loans.

Bumble previously said in a filing to the US Securities and Exchange Commission it will focus on entering new markets in Europe, Asia and Latin America, while also looking for ways to increase revenue from paying users.

Bloomberg reported the company market valuation is approximately $8.2 billion following the IPO, surpassing previous expectations of between $6 billion and $8 billion.

App analytics company Apptopia estimated Bumble was the fifth-highest grossing app in the US during 2020, with revenue of $109 million. Its main competitor, Match Group’s Tinder, ranked second with $220 million.