Barclays leads £10m funding round for Bink

By 8th February 2019 July 24th, 2020 News

The Payment Linked Loyalty platform business also announces strengthening of management team as it gets set for fast growth in 2019

Barclays and Bink will work in collaboration to deliver a ground-breaking experience for Barclays customers.

4th February 2019 – London, UKBink, the Payment Linked Loyalty business, has closed an over-subscribed £10m funding round led by Barclays, which will take a minority stake in the firm. Barclays and Bink will work in collaboration to deliver a ground-breaking experience for Barclays customers.

Bink addresses consumers’ growing frustrations with the complexity and difficulty of engaging with loyalty programmes. With the Bink platform, consumers are able to manage all of their loyalty programmes from one central location and securely link their payment cards, enabling them to be automatically rewarded every time they shop.

Retailers that partner with Bink benefit from more accurate information about their customers and their spending habits, as the Bink technology identifies shoppers at point of sale every time they use their linked payment card. In addition, it is easier for merchants to acquire new members to their loyalty programmes while also benefitting from increased efficiencies at the point of sale, as cashiers will no longer need to scan membership cards.

Bink will use the funding to bring its innovative Payment Linked Loyalty platform to a broader group of retailers and consumers across the globe.

Bink was founded in 2015 by Lee Clarke and Greg Gormley, with the mission of revolutionising consumer engagement with loyalty programmes. With over 20 years’ senior experience in the global payments industry, former COO Mike Jordan has taken over as Bink CEO from co-founder Lee Clarke. Formerly General Counsel and with more than 15 years’ payments experience at a senior level, Richard Evetts has expanded his role to take over as COO. The business has also appointed Marc Allsop as Chief Commercial Officer, who joins with extensive experience in the payment and loyalty space.

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.

Mike Jordan, Bink CEO

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.

Ruchir Rodrigues, Head of Digital and Open Banking at Barclays

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About Bink

Bink was founded in 2015 to address the frustrations of retail loyalty programmes, which have neither kept pace with technology, nor with how people want to shop and interact with their favourite brands. Bink’s unique technology solution, Payment Linked Loyalty, allows customers’ payment cards to be securely linked to loyalty programmes, enabling every customer to be identified and rewarded every time they shop.

Bink’s disruptive approach to loyalty enablement has been recognised by Next Web and Deloitte in their 2018 European Retail Landscapereport; and Bink has been named one of the UK’s leading fintech businesses by the British Department for International Trade.

Payment Linked Loyalty is a registered trade mark of Bink.

About Barclays

Barclays is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 80,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

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