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Barclays and Lloyds-backed Bink secures £9 million safety net

Barclays and Lloyds-backed Bink secures £9 million safety net

Bink, a loyalty app backed by Lloyds and Barclays Bank, has secured £9 million in a funding runway that will see it through to Q1 2024.

According to Sky News, Loyalty Angels, the holding company that owns Bink, has reportedly secured £7.5 million of funding commitments from its existing investors and will  underwrite another £1.5 million of investment.

The financial sefety-net comes in the wake of the resignation of chairman Bob Wigley and a number of cost cutting measures at the firm.

The startup, which links consumers' payment cards with the loyalty schemes of participating retailers, has signed up a number of prominent high street chains, including Harvey Nichols, Iceland and the Japanese food chain Wasabi, since its launch.

Bink struck its first major banking partnership with Barclays in 2019 in a deal which saw the lender invest approximately $10 million in the app and provide access to its six million UK mobile customers. This was followed in March 2022 by an undisclosed investment by Lloyds banking Group.

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