Bink, the fintech app which links loyalty schemes to payment cards, has closed an over-subscribed £10 million round led by Barclays. The startup will use the funding to bring its platform to a broader group of retailers and consumers across the globe.
Bink links a user’s payment card to loyalty programmes offered by supermarkets and high street retailers, allowing them to collect points and gain the benefit of money-off coupons automatically. The app allows consumers to manage all of their loyalty programmes from one central location.
The London-based startup was founded in 2015 by Lee Clarke and Greg Gormley. Former Coo Mike Jordan has taken over as CEO from Clarke and former General Counsel Richard Evetts has assumed the position of COO. Bink has also appointed Marc Allsop as chief commercial officer, who joins with extensive experience in the payment and loyalty space.
Mike Jordan said:
“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.”
Ruchir Rodrigues, head of digital and open banking at Barclays, added:
“Bink has created a practical and innovative solution to an everyday problem and we’re excited to support them in the next stage of their growth.”
As part of the investment round, Barclays has acquired a minority stake in Bink. In a statement, the two companies said they plan to “work in collaboration to deliver a ground-breaking experience for Barclays customers”.