Customer loyalty fintech Bink secures £9m funding
Bink, the customer loyalty fintech backed by the likes of Barclays and Lloyds Banking Group, has secured £9m in new funding.
First reported by Sky News, the app, which links existing payment cards to various loyalty programmes, has had a cash boost, with the bulk of new funds (£7.5m) coming from existing investors of Bink’s parent company Loyalty Angels.
Bink’s technology replaces the need for separate individual physical rewards cards for businesses. The app instead links a payment card to a user’s account with Bink partners to contain all rewards programmes within a single platform.
Clients of Bink currently include the supermarket chain Iceland, the department store Harvey Nichols, and the Japanese restaurant franchise Wasabi.
Sky reported that Bink is also seeking partnerships with the restaurant brands Leon and Itsu.
The new funds will allow the company to continue its operations until Q1 of 2024, after a difficult period of cost-cutting measures.
Founded in 2015, the Berkshire-based fintech previously raised £10m in a Series A funding round led by Barclays Bank back in February 2019. The company later raised an undisclosed investment in 2022 from Lloyds Banking Group.
The funding received by Bink from both Barclays and Lloyds Bank also gave it access to millions of UK customers.