This new capital will enable Bink to continue operations until the first quarter of 2024.
GLOAccording to Sky News current investors in Loyalty Angels, trading as Bink, have agreed to provide £7.5m in new capital, as well as underwriting an additional £1.5m of investment. This new capital will enable Bink to continue operations until the first quarter of 2024, and the company has implemented cost-cutting measures to support its position. Lloyds Banking Group purchased a minority stake in Bink in early 2022, but the size of the deal and Bink’s valuation were not disclosed. Barclays had also invested around £10m in Bink in 2019, which launched a partnership providing access to the Bink app for seven million UK banking customers. Bink converts payment cards into loyalty programs and customer IDs and has partnerships with Iceland and Harvey Nichols, while also reportedly in talks with Leon and Itsu. In other PayTech news, SKUx secured $11m in its Series A funding round to scale its product offerings, and J.P. Morgan launched a pilot of its biometrics-based payments service with select retailers in the US, which includes palm and face identification for payments authentication in-store.
