There’s too many papers involved in buying stuff. From the fistful of receipts you get when buying your latest pair of pumps to handling your loyalty cards, every transaction and interaction seemingly result in a proverbial forest’s worth of tree corpses switching hands. No wonder startups like Bink, the payment-linked loyalty app, is catching the eyes of investors everywhere.
In fact, Barclays just topped up the tech firm’s coffers with an additional £10m in the startup’s series A round. Ascot-based Bink is a free app that makes consumers’ loyalty programmes easier to manage by placing all their payments into one location, enabling them to be immediately rewarded every time they shop. Moreover, cashiers no longer have to scan loyalty cards at checkouts, making sales processes easier and quicker. No wonder Barclays, was eager to take a minority stake in the firm and to incorporate Bink’s tech into its online banking app. This fourth investment round will see the sum invested in the company total $23.4m.
Commenting on the company’s new deal, Mike Jordan, CEO of Bink, said: “This is an extremely exciting time for Bink. 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.”
Of course, Barclays is no stranger to supporting startups that make transactions and maintaining finances easier. For instance, Flux, the receipts and loyalty cards startup, has taken part in the bank’s accelerator programme in the past. Given Bink’s caught the attention of a titan like Barclays, we’re sure this won’t be the last we hear about the startup.