Monday Morning Insights - 3rd April 2023
3rd April 2023
Written by Tom Peace
Loyalty app Bink has received financing from Barclays and Lloyds Bank worth £9 million.
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In 2019, Bink and Barclays agreed to a partnership that saw the bank spend over $10 million in the app and grant access to its six million UK mobile clients. This was the company's first significant banking collaboration. The Lloyds Banking Group then made an undisclosed stake in March 2022.
After a number of cost-cutting measures put in place late last year, the extra money will provide Bink enough funds to operate until at least the first quarter of 2024.
Loyalty Angels, the Holding Company of Bink has partnered with a number of well-known high street brands, including Harvey Nichols, Iceland and the Japanese restaurant chain Wasabi. The Bink app allows members to link their payment cards to their loyalty programmes so they never miss their rewards. Bink can also offer a range of other highly targeted communications.
The Loyalty People MD, Tom Peace share his thoughts and opinions on this insight.
"This is a great way for the banks to promote customer loyalty with their customers. By partnering with loyalty apps like Bink, banks can create an ecosystem that encourages customers to use their cards and seamlessly participate in loyalty programmes. This is great for loyalty programmes and provides added value for banking customers. I'm looking forward to further developments and innovations from the banks around customer loyalty."