Bink, a loyalty app supported by Barclays and Lloyds Banking Group, has ceased operations after unsuccessful attempts to secure new funding.
The app established its first significant banking partnership with Barclays in 2019, resulting in a $10 million investment and access to Barclays’ six million UK mobile customers. This was followed by an undisclosed investment from Lloyds Banking Group in March 2022.
Bink aimed to connect consumers’ payment cards with loyalty programs from participating retailers. In March 2023, it raised £9 million from parent company Loyalty Angels and existing investors, which was intended to sustain operations through to Q1 2024. This funding came after the resignation of chairman Bob Wigley and several cost-cutting measures due to the company’s ongoing losses.
However, with no new funding secured, liquidators have been appointed to manage the orderly closure of the business, which resulted in the redundancy of all 45 staff members as the company shut its doors last month.