Mobile wallet loyalty startup Bink has wrapped a £2 million interim funding round, involving angel investors, bringing total funding to over £10 million.

The UK FinTech offers a solution linking customers’ payment cards to their loyalty schemes, thus doing away with all those pesky loyalty cards and apps. Retailers, in turn, can collect insight into their customers’ shopping habits and target them with personalised offers, using the startup’s digital marketing platform. The latest funding will be used to expand operations in the UK and elsewhere, plus investment in B2B, marketing and sales staff. The announcement follows the launch of its app in October, including a partnership with Avios and PizzaExpress. Others onboard include Virgin Atlantic, Arcadia Group, River Island and Morrisons.

Greg Gormley, Co-founder of Bink, comments: ““Following our successful consumer launch, this funding puts us in a fantastic position to accelerate our growth, bringing a brand new concept to the market. We’re moving fast we think we can shake up a huge, established industry in need of a technology boost. We’ve been working hard to build the best technology in the payments industry as well as a strong team and are now showing traction among consumers and retailers alike. In the years to come, if you don’t “Bink” the consumers will be throwing rewards down the drain – whilst the retailers will miss the opportunity to better engage their best customers.”

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by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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