As per a Sky News report, existing investors in Loyalty Angels, operating under the name Bink, have committed to providing £7.5m in fresh capital, along with underwriting an additional £1.5m of investment. This infusion of new funds will sustain Bink's operations until the first quarter of 2024. The company has reportedly implemented several cost-saving measures to bolster its position.
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GLOBink, a FinTech firm specializing in customer loyalty, has purportedly raised £9m in a recent funding round.
As per a Sky News report, existing investors in Loyalty Angels, operating under the name Bink, have committed to providing £7.5m in fresh capital, along with underwriting an additional £1.5m of investment.
This infusion of new funds will sustain Bink’s operations until the first quarter of 2024. The company has reportedly implemented several cost-saving measures to bolster its position.
Previously, Lloyds Banking Group acquired a minority stake in Bink in early 2022, initiating a partnership between the two entities. The financial terms of the deal, as well as Bink’s valuation, were undisclosed.
This isn’t the first time a UK bank has invested in the loyalty card provider. Barclays injected approximately £10m into Bink in 2019, leading to a partnership that granted seven million UK banking customers access to the Bink app.
Bink claims to transform payment cards into loyalty programs and customer identification tools. Presently, it collaborates with Iceland and Harvey Nichols, and reportedly, discussions are underway with Leon and Itsu.
In other PayTech developments, SKUx, a payments technology and consumer engagement platform, secured $11m in its Series A funding round to facilitate the expansion of its product offerings.
Additionally, J.P. Morgan has initiated a pilot of its biometrics-based payments service with selected retailers in the US. This payment pilot, based on biometric authentication such as palm and face identification, aims to authenticate payments in-store through an enrol-capture-authenticate-pay process.
Source: GLO
