Financial services firm Barclays has led an oversubscribed £10m ($13m) funding round for UK-based customer loyalty technology provider Bink.
Founded in 2015, Bink has created a system known as Payment Linked Loyalty which links loyalty schemes directly to users’ bank accounts, meaning they can receive rewards directly as they shop. The funding will support geographic expansion.
The company doubled its funding in the latest round, which followed a $2.5m round in 2016 that Bink said at the time increased its overall funding to £10m. Its existing backers include angel investment group QVentures
Mike Jordan, chief executive of Bink, said: “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.”
“We will deliver our unique Payment Linked Loyalty platform to many more merchants and millions of consumers across the globe, which will revolutionise the loyalty and payment experience.”
