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Barclays-backed loyalty app Bink secures £9 million funding lifeline

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A loyalty app with Barclays and Lloyds Banking Group as shareholders has received a £9 million financial boost.

Existing investors in Loyalty Angels, which trades as Bink, have agreed to commit £7.5 million in new capital, according to Sky News.

Insiders say they have also suggested that they will agree to underwrite an additional £1.5 million of investment.

Read More: Barclays to close 14 more branches across the UK

The additional capital will leave Bink with enough cash to operate until at least the first quarter of 2024, following a series of cost-cutting initiatives implemented late last year,

Bink is an app that allows customers to discard their plastic loyalty cards, and it has connections with shops such as Iceland and Harvey Nichols.

It is also said to be in talks with the restaurant franchises Leon and Itsu.

Read More: Barclays could save £200m by pausing payments to staff pension scheme

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It is also said to be in talks with the restaurant franchises Leon and Itsu.

Read More: Barclays could save £200m by pausing payments to staff pension scheme

Bink is now available in Lloyds' retail banking apps, including Halifax and Bank of Scotland.

Bob Wigley, the chairman of the banking sector lobbying group UK Finance, stood down as chairman of the fintech last October.

His departure occurred amid a difficult era for Bink when the company was obliged to seek finance at a drastically depressed price

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It is now believed to be optimistic about its expansion prospects, with dozens of contacts with potential merchant partners already underway.

The interim chairman is John Dennis, a former Barclays executive who is also a non-executive director of Bink.

Mike Jordan, an experienced payments industry executive with 15 years at American Express, leads the company.

Source:   Sky News

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