- Bink will allow users to store and access their loyalty cards on their smartphones and will automatically link payment cards for points and rewards.
- The sum of the deal has not been disclosed yet but it is anticipated that the bank has invested close to millions of pounds.
Lloyds Banking Group, Britain’s largest High Street Bank, has acquired a minority stake in Bink, a loyalty app startup. The sum of the deal has not been disclosed yet but it is anticipated that the bank has invested close to millions of pounds.
Bink will allow users to store and access their loyalty cards on their smartphones and will automatically link payment cards for points and rewards.
According Bink’s website, the fintech company has partnered with several prominent high-street retailers, including Harvey Nichols, the UK’s supermarket chain Iceland, and Japanese food chain Wasabi. With the help of specialized technology, Bink allows a customer’s payment card to function as a loyalty card. This means that every time people shop, they are identified and rewarded.
The startup’s first major banking collaboration was with Barclays, which offered seven million retail banking consumers access to the Bink app. Bink had received USD 12.9 million in funding from Barclays in 2019.
It has also been reported that along with Lloyds, Bink is looking forward to raising extra capital from present investors. Nevertheless, Lloyd’s investment in Bink points towards a continuing boom in the UK fintech sector.
Mike Jordan, Chief Executive Officer and Member of the Board at Bink, said, “Our smart technology securely links customers’ regular payment cards to any loyalty programs they are already with or may want to join, allowing them to earn rewards seamlessly and digitally each time they make a purchase.”
Jordan added, “We work with tier-one banks to embed our technology within their existing mobile banking apps, giving retailers instant access to millions of potential customers. Bink also supports retailers that don’t have a loyalty scheme to bring one to market. And for those businesses whose existing schemes use high-friction processes, we develop low-lift solutions that enable customers to earn rewards seamlessly and digitally using their regular payment cards.”