Berkshire fintech Bink secures £9 million in funding
Ascot-based fintech Bink is to receive £7.5 million in capital from investors in its parent company, Loyalty Angels, with a further £1.5 million underwritten.
Bink replaces physical loyalty cards with an app which offers rewards programmes from various businesses on a single platform. With existing partnerships including Iceland, Harvey Nichols, and Wasabi, it is currently in talks with restaurant chains Leon and Itsu.
Since its founding in 2015, the fintech has received funding from both Barclays and Lloyds Banking Group, which now uses Bink’s technology across its retail banking apps.
The new capital should keep the company afloat until at least Q1 of 2024, after it was forced to implement a series of cost-cutting measures and seek funding at a heavily discounted valuation late last year.
Nonetheless, the team at Bink remains confident about their future growth prospects, and continues to pursue new partnerships.
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