Bink is the Payment Linked Loyalty company changing the face of retail loyalty programs. Bink has closed an over-subscribed £10m funding round, led by Barclays who will take a minority stake in the firm. The startup will use the funding to bring its platform to a wider group of retailers world-wide.
Bink was founded in 2015, aiming to address the frustrations and shortfalls of retail loyalty programmes. The schemes have failed to keep up with the pace technology and have largely become disconnected from how people want to shop and interact with their favourite brands. Bink is the unique technology solution to this problem. The Payment Linked Loyalty, lets customers’ payment cards to be securely linked to loyalty programmes, allowing every customer to be identified and rewarded every time they shop.
Retailers partnered with Bink benefit from more accurate information about their customers and their spending habits. Bink’s technology identifies shoppers at point of sale every time they use their linked payment card. The platform makes it easier for retailers to acquire new members to their loyalty programmes, and as cashiers will no longer need to scan membership cards, they also benefit from increased efficiencies at the point of sale.
Mike Jordan, CEO, said: “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 realise our ambitions in the year ahead.
“We will deliver our unique Payment Linked Loyalty platform to many more merchants and millions of consumers across the globe, which will revolutionise 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.”