Following successful consumer launch, latest injection brings total funding to £10 million, making Bink one of the fasting growing fintech startups in UK
The app looks set to accelerate the loyalty industry by breaking down the barriers that currently sit between consumer and retailers
Avios, PizzaExpress, Virgin Atlantic, Arcadia Group, River Island and Morrisons are already on board, with more to be announced over the coming weeks and months.
Bink - the new loyalty app that, uniquely, links consumers’ payment cards to loyalty schemes - today announces a further interim funding round of £2 million, from angel investors, bringing total funding to over £10 million.
Bink, one of the fastest growing fintech startups in the UK, is set to a supercharge the loyalty market by providing a free solution to consumers who want to collect loyalty points without having to carry, swipe and tap dozens of loyalty cards or apps. By linking customers’ payment cards to their loyalty schemes safely and securely through Bink, customers never miss out on loyalty points and rewards across their favourite retailers. Retailers, in turn can collect unparalleled detail and insight into their customers’ shopping habits and target them with relevant, personalized offers with Binks’ dynamic digital Marketing platform.
The latest funding will be used to accelerate Bink’s growth and expand operations in the UK and elsewhere, continuing to invest in B2B, marketing and sales staff.
The announcement comes following a successful launch of the app in October, including a partnership with Avios and PizzaExpress. Customers can now seamlessly collect Avios at all PizzaExpress restaurants in the UK, simply by paying with their bank card that’s registered in Bink. Further major retailers which have come on board include Virgin Atlantic, Arcadia Group, River Island and Morrisons, with many more to be announced over the coming weeks and months.
Bink was founded in 2014 by Greg Gormley and Lee Clarke, two serial entrepreneurs with a passion for reinvigorating industries through strategic innovation. The global loyalty market is worth over $100 billion and is growing 10% every year, however, loyalty card usage is declining each year.
Greg Gormley, Co-founder of Bink comments on the funding: “Right now, loyalty systems are not making the most of the opportunity. We’ve all been in the situation - at the checkout we reach for our wallets or purses and find that we have forgotten the appropriate loyalty card – that’s points and ultimately rewards down the drain. Retailers need to be making it easier for their customers to earn their deserved rewards and Bink lets them do exactly that – to never miss out again.”
“Following our successful consumer launch, this funding puts us in a fantastic position to accelerate our growth, bringing a brand new concept to the market. We’re moving fast we think we can shake up a huge, established industry in need of a technology boost. We’ve been working hard to build the best technology in the payments industry as well as a strong team and are now showing traction among consumers and retailers alike. In the years to come, if you don’t “Bink” the consumers will be throwing rewards down the drain – whilst the retailers will miss the opportunity to better engage their best customers.”