Lloyds Banking Group, the U.K.’s largest high street lender, has acquired a minority stake in the loyalty app startup Bink for an undisclosed amount that is expected to be millions of pounds, Sky News reported on Monday (Jan. 3).
The investment by Lloyd’s follows Barclays’ $12.9 million backing of Bink in 2019. Launched in 2015 and headquartered in the U.K., Bink enables people to store and view all their loyalty cards on their smartphone and automatically links payment cards for points and rewards.
See also: Barclays Invests $12.9M In Loyalty Startup Bink
Bink has partnered with numerous merchants, including Harvey Nichols in 2017, U.K. supermarket chain Iceland soon after in 2017, and the Japanese food chain Wasabi in 2020, according to its website.
Bink uses specialized technology that enables a customer’s payment card to function as a loyalty card, which means that people are identified and rewarded every time they shop.
The startup’s first major banking collaboration was with Barclays, which provided the bank’s seven million customers access to the Bink app.
Read more: Lloyds Plans To Buy Embark Group for $542M
“Our smart technology securely links customers’ regular payment cards to any loyalty programs they are already with or may want to join, allowing them to earn rewards seamlessly and digitally each time they make a purchase,” Bink CEO Mike Jordan said in a November 2021 blog post.
“We work with tier-one banks to embed our technology within their existing mobile banking apps, giving retailers instant access to millions of potential customers. Bink also supports retailers that don’t have a loyalty scheme to bring one to market. And for those businesses whose existing schemes use high-friction processes, we develop low-lift solutions that enable customers to earn rewards seamlessly and digitally using their regular payment cards,” Jordan said.
Aside from the funding from Lloyds, Bink is reportedly seeking additional capital from existing shareholders, Sky News reported.
Bob Wigley, the former chair of Merrill Lynch EMEA, is Bink’s board of directors’ chair. Wigley is also the chair of banking trade association UK Finance.
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