Barclays leads £10m investment in London loyalty scheme startup Bink
Barclays bank has announced at strategic partnership with London-based tech startup, Bink, which links loyalty points to payment cards.
The UK bank group said the partnership with the transformational payment and loyalty platform company is set to digitalise the way customers engage with loyalty programmes.
Barclays said it has committed to a significant investment and will take a minority stake in the firm. Although the bank didn’t give a precise figure, Bink was engaged in funding round which totalled £10m and which Barclays led on
The bank and the startup will work in collaboration to deliver a ground-breaking experience for customers and forms a key part of Barclays’ plans to invest in new business models for growth.
Founded in 2015, Bink’s Payment Linked Loyalty platform uses unique technology to allow customers to link payment cards to loyalty programmes, enabling them to automatically collect loyalty points when they make a purchase with their linked payment card.
“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”, said Ruchir Rodrigues, Head of Digital and Open Banking at Barclays.
“Over six million of our customers use our mobile banking app to manage their day-to-day finances, and we strive to make that experience as easy, intuitive and secure as possible.
“Bink’s seamless Payment Linked Loyalty technology will help customers avoid missing out on valuable loyalty benefits in all areas of their spending.”
Mike Jordan, CEO of Bink said the company was “thrilled” that Barclays chose to invest in and partner with them.
“Our platform simplifies how customers collect loyalty points and can transform how businesses connect with their customers”, he said.
“It’s clear that Barclays and Bink share a common goal of driving innovation in app-based experiences, and this partnership will help deliver the benefits to Bink and Barclays customers alike.”