FinTech: Lloyds To Acquire Stake In Loyalty App Bink
Bink is a loyalty app launched in 2015.
Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that may run into millions of pounds. It was also not known how much the transaction valued Bink.
In 2019, British bank Barclays (LON: BARC) had shelled out $12.9 million to back Bink, which lets customers store and view all their loyalty cards on a phone, and also links payment cards to get points and rewards automatically.
The startup has loyalty programs in place with a number of retail partners, including Harvey Nichols, Iceland and the Japanese food chain Wasabi.
According to Sky News, the Lloyds-Bink partnership would launch in the first half of 2022. Bink is also looking to raise funds from its existing shareholders.
Physical loyalty cards are on the way out
In a November blog, CEO Mike Jordan said:
“In this new era of seamless, digital experiences, convincing a customer they need to take a physical loyalty card with them when they shop is becoming harder than ever. That’s why we are already seeing presentation rates for loyalty cards drop off – and they will continue to do so without a digital transformation.”
“Our smart technology securely links customers’ regular payment cards to any loyalty programmes they are already with or may want to join, allowing them to earn rewards seamlessly and digitally each time they make a purchase.”
“We work with tier-one banks to embed our technology within their existing mobile banking apps, giving retailers instant access to millions of potential customers.”
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