Lloyds Banking Group has reportedly invested into Bink, a digital loyalty card, taking a minority stake in the business.
This investment will commence a partnership between the two companies, according to a report from Sky News. The size of the deal was not disclosed or the valuation of the company.
Bink is expected to raise additional capital from existing shareholders, it said.
Fellow British banking giant Barclays has also previously invested into Bink. Barclays invested around £10m into Bink in 2019, alongside a partnership that gave seven million UK banking customers access to the app, Sky News said.
Founded in 2015, Bink is designed to make loyalty programme rewards easier and remove the need of multiple plastic cards. The technology enables a customer’s payment card to function as a loyalty card for brands, enabling them to earn rewards when simply using their card.
Bink is currently partnered with companies including Japanese food restaurant chain Wasabi, supermarket Iceland and British luxury department store Harvey Nichols.
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