Top British banking group Barclays has reportedly taken a minority stake in the UK-based fintech loyalty mobile app startup Bink. Founded in 2014, Bink stated its mission is to “redefine loyalty, making life simple and rewarding for all.” The company revealed:
“Bink is set to transform the loyalty experience for retailers and consumers alike. Our patented technology, Payment Linked Loyalty (PLL), links payment cards to loyalty programs. When customers present their payment card, they can be automatically identified and rewarded. No need for plastic cards or paper coupons. Bink provides merchants with significant operational efficiencies – enabling them to save up to 8 seconds at checkout. For every card transaction, Bink can identify a customers’ loyalty ID – allowing brands to better engage their shoppers and foster truly personalised relationships.”
Bink’s Beta app, which is currently available, offers a way o store loyalty cards, view points, and manage loyalty program. The company shared that it will soon be launching a new app that will incorporate “Payment Linked Loyalty” with selected loyalty programs. Speaking about Bink, Ruchir Rodrigues, head of digital and Open Banking at Barclays, reportedly stated:
“Over six million of our customers use our mobile banking app to manage their day-to-day finances, and we strive to make that experience as easy, intuitive and secure as possible. Bink’s seamless payment linked loyalty technology will help customers avoid missing out on valuable loyalty benefits in all areas of their spending.”
The terms of the investment by Barclays have not reportedly been disclosed at this time. Bink is operating in the UK & USA, and has offices in London and the South East, as well as San Francisco