Retail technology startup, Bink, has raised £10m in a funding round led by Barclays, which will also take a minority stake in the company. Bink, an integrated loyalty program platform, combines all consumer loyalty and reward programs onto one app and allow users to securely link their payment methods to the Payment Linked Loyalty technology.
Bink says it will partner will Barclays to provide a “ground-breaking” experience to Barclays customers, and plans to put the recent funding towards globally expanding partners and users of the Payment Linked Loyalty platform. According to Bink, merchants who partner with the startup will be able to more accurately track and analyze their customers spending habits.
Founded in 2015, Bink was designed to enhance the customer engagement experience, while specifically allowing consumers to view and track all their memberships, loyalty programs, and reward points in one place.
“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 realize our ambitions in the year ahead,” says Mike Jordan, CEO of Bink. “We will deliver our unique Payment Linked Loyalty platform to many more merchants and millions of consumers across the globe, which will revolutionize the loyalty and payment experience.”
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.”