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Barclays and Lloyds'-backed Bink enters liquiditation

Barclays and Lloyds'-backed Bink enters liquiditation

Bink, a loyalty app backed by Barclays and Lloyds Banking Group, has ceased trading after failing to attract fresh funding.

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.

The startup, which linked consumers' payment cards with the loyalty schemes of participating retailers, last secured £9 million from parent group Loyalty Angels and existing investors in a funding runway in March 2023 that was expected to see it through to Q1 2024.

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

With the failure to generate new funding, liquidators have been appointed to ensure an orderly wind down of the firm, which made all 45 staff redundant as it shut up shop last month.

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