Lloyds plots major deal with loyalty scheme app Bink

bink2Lloyds Banking Group is set to join its arch rival Barclays in making a major investment in loyalty app Bink, the fintech which launched in 2015 and allows consumers to link their loyalty card with their bank payment or credit card, and automatically accrue points.

Barclays secured a minority stake after leading a £10m investment in the company in 2019 as part of the bank’s plans to integrate its own loyalty scheme with the programme.

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 as partners, including Co-op, Morrisons, Harvey Nichols, Virgin Atlantic, Pizza Express and Iceland, and also plans to expand overseas.

Former Tesco, Co-op and Saga marketing chief Matt Atkinson is a former advisor to the Bink board.

Quite how Lloyds will fit in to the scheme alongside its rival is unclear but the company also has its own loyalty programme, dubbed Club Lloyds, available to current account holders. Club Lloyds members can choose one “lifestyle benefit” per account per year, including offers from Rakuten TV, the Gourmet Society and Odeon.

Bink also has deals with American Express, Mastercard and Visa.

Bink chief executive Mike Jordan recently said: “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.”

Related stories
Barclays leads £10m funding boost for loyalty app Bink
Top loyalty schemes sign up for payment card app
Marketers in dark over who their loyal customers are
Brands are urged to build ‘communities’ to foster loyalty
Customer loyalty: how we can have our cake and eat it

Print Friendly