Payment Linked Loyalty firm, Bink, has closed an over-subscribed £10m funding round led by Barclays, which will take a minority stake in the firm. Barclays and Bink will work in collaboration to deliver a ground-breaking experience for Barclays customers.
Bink addresses consumers’ growing frustrations with the complexity and difficulty of engaging with loyalty programmes. With the Bink platform, consumers are able to manage all of their loyalty programmes from one central location and securely link their payment cards, enabling them to be automatically rewarded every time they shop.
Retailers that partner with Bink benefit from more accurate information about their customers and their spending habits, as the Bink technology identifies shoppers at point of sale every time they use their linked payment card. In addition, it is easier for merchants to acquire new members to their loyalty programmes while also benefiting from increased efficiencies at the point of sale, as cashiers will no longer need to scan membership cards.
Bink will use the funding to bring its innovative Payment Linked Loyalty platform to a broader group of retailers and consumers across the globe.
This is an extremely exciting time for Bink. Our strategic partnership with Barclays coupled with our latest funding round and strengthened leadership team, means that we are well positioned to realise our ambitions in the year ahead. We will deliver our unique Payment Linked Loyalty platform to many more merchants and millions of consumers across the globe, which will revolutionise the loyalty and payment experience.
Mike Jordan, Bink CEO
Ruchir Rodrigues, Head of Digital and Open Banking at Barclays