Barclays leads £10m Bink funding round
Written by Peter Walker
Payment linked loyalty firm Bink has closed a £10 million funding round led by Barclays, which will take a minority stake in the firm.
The Ascot-based startup will use the funding to bring its platform to a broader group of retailers and consumers across the globe.
Bink addresses consumers’ growing frustrations with the complexity and difficulty of engaging with loyalty programmes. With the 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 get more accurate information about their customers and spending habits, as the 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 is one of a few companies attempting to tackle retailer 'app apathy', or the problem with too many disparate brand loyalty apps clogging up smartphones and not getting used.
The company was founded in 2015 by Lee Clarke and Greg Gormley, with the mission of revolutionising consumer engagement with loyalty programmes. Former chief operating officer (COO) Mike Jordan has taken over as Bink chief executive from co-founder Lee Clarke.
Formerly general counsel Richard Evetts has expanded his role to take over as COO. The business has also appointed Marc Allsop as chief commercial officer.
Jordan commented: “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.”
Ruchir Rodrigues, head of digital and Open Banking at Barclays, said: “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.”