Bink, a FinTech company focused on customer loyalty, has reportedly raised £9m in a fresh funding round.
According to a report from Sky News, existing investors in Loyalty Angels, which trades as Bink, have agreed to provide £7.5m in new capital. They will also underwrite an additional £1.5m of investment.
This fresh capital will provide Bink with the cash needed to operate until the first quarter of 2024. Bink has reportedly made a number of cost-cutting measures to support its position.
Lloyds Banking Group previously bought a minority stake in Bink in early 2022, kickstarting a partnership between the two. The size of the deal was not disclosed, nor was the valuation of Bink.
This was not the first time a UK bank bought a stake in the loyalty card provider. Barclays invested around £10m into Bink in 2019. This investment also launched a partnership, which provided seven million UK banking customers access to the Bink app.
Bink claims to turn payment cards into loyalty programmes and customer IDs. It currently has partnerships with Iceland and Harvey Nichols and is reportedly in talks with Leon and Itsu.
In other PayTech news, SKUx, a payments technology and consumer engagement platform, secured $11m in its Series A funding round to help it scale its product offerings.
Elsewhere, J.P. Morgan launched a pilot of is biometrics-based payments service with select retailers in the US. Its biometrics-based payment pilot will include palm and face identification for payments authentication in-store and works on an enrol-capture-authenticate-pay basis.
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