FinTech: Lloyds To Acquire Stake In Loyalty App Bink

January 4, 2022 | FinTech, News
https://dailyalts.com/wp-content/uploads/2022/01/Bink-app-shot.png

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.”

Related Story: Klarna Launches “Pay Now” In The US, Klarna Card Soon To Follow

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-22-29-49-Screenshot-Pawson-2.png
Digital Assets: Coinbase CEO Armstrong Said To Have Splurged $133M On Home In LA
January 4, 2022     Digital Assets, News, Real Estate

An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…

https://dailyalts.com/wp-content/uploads/2022/01/47752022922_e4569a2f0e_c.jpg
Alternative Investments/ESG: VegTech Invest Launches Plant-Based Innovation & Climate ETF

VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-18-48-26-超·世界.png
Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn
January 4, 2022     Artificial Intelligence, News, Venture Capital

Chinese AI company Parametrix.ai has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…

https://dailyalts.com/wp-content/uploads/2022/01/copy-of-dsc03785-2048x1365-1.jpg
Artificial Intelligence: Danish Company Solum To Use Advanced AI And Robotics For Sorting Waste
January 4, 2022     Artificial Intelligence, News

Danish environmental services company Solum A/S will soon operate a highly advanced waste sorting plant that will use advanced robotics and AI to segregate up to 25,000 tons of mixed…