Barclays has secured a minority stake in loyalty app Bink after leading a £10m investment in the company as part of plans to integrate its own loyalty scheme with the programme.
Launched in 2015, the Bink app allows consumers to link their loyalty card with their bank payment or credit card, and automatically accrue points. Former Tesco marketing chief Matt Atkinson sits on the board of the company.
Bink claims the app makes it easier for retailers and brands to engage with their customers on a deeper and more personal level, by understanding their individual spending habits.
Since launch, Bink has signed up a number of high profile UK brands, including Co-op, Morrisons, River Island, Harvey Nichols, Virgin Atlantic, Topshop, Pizza Express and Iceland, but now plans to expand overseas.
The move is part of Barclays digital transformation strategy and is designed to enable it to better compete with digital challenger banks. Barclays head of digital and open banking Ruchir Rodrigues said: “Bink has created a practical and innovative solution to an everyday problem and we’re excited to support them in the next stage of their growth.
“Over six million of our customers use our mobile banking app to manage their day-to-day finances, and we strive to make that experience as easy, intuitive and secure as possible.
“Bink’s seamless loyalty technology will help customers avoid missing out on valuable loyalty benefits in all areas of their spending.”
Bink chief executive Mike Jordan added: “It’s clear that Barclays and Bink share a common goal of driving innovation in app-based experiences. Our platform simplifies how customers collect loyalty points and can transform how businesses connect with their customers.
“Our strategic partnership with Barclays, coupled with our latest funding round and strengthened leadership team, means that we are well positioned to realise our ambitions in the year ahead.”
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