Bink, a fintech startup backed by Lloyds Banking Group PLC (LSE:LLOY) and Barclays PLC (LSE:BARC), has secured a £9mln financial safety net which can see it survive until at least the first quarter of 2024, according to a Sky News report.
Loyalty Angels, the holding company that owns Bink, has reportedly secured £7.5mln of funding commitments from its existing investors and they agree to underwrite another £1.5mln of investment, the Sky report said.
Following a number of cost-cutting measures earlier this year, it secures the company’s funding position for the short term.
The Bink app allows customers to use digital loyalty cards instead of plastic and has partnerships with Iceland, Harvey Nichols and a number of restaurants.
Bink is operated within Lloyds’ retail banking apps (including Halifax and Bank of Scotland), meanwhile, ex-Barclays’ executive John Dennis is chair of the fintech company, which is run by former American Express executive Mike Jordan.