Barclays takes minority stake in loyalty app Bink

Barclays has taken a minority stake in a loyalty card management application after leading a funding round of £10 million.

The loyalty app Bink allows consumers to manage all of their loyalty programmes within one platform which is also linked to their payment cards. Shoppers are then automatically rewarded with loyalty points when they shop when using the payment card they have connected with the app.

Retailers who partner with Bink are provided information about their customers and their spending habits because the platform identifies shoppers at the point of sale. The technology also speeds up the check-out process as store staff do not need to scan membership cards.

Bink plans to use the funding to take its platform to more retailers and consumers across the globe.

“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,” said Ruchir Rodrigues, head of digital and open banking at Barclays.

Bink CEO, Mike Jordan, added: “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.”