The parent company of Bink, Loyalty Angels, has secured new funding commitments that will secure its future through next year.
A loyalty app whose investors include Barclays and Lloyds Banking Group has secured a £9 million funding lifeline.
Existing investors in Loyalty Angels, trading as Bink, have consented to provide £7.5 million in new capital.
According to insiders, they have also indicated that they will consent to underwrite an additional £1.5 million in investments.
The additional financing will provide Bink with sufficient cash to continue operations until at least the first quarter of 2024, following the implementation of a series of cost-cutting measures late last year.
Bink is an app that allows customers to abandon their plastic loyalty cards, and it has partnered with retailers such as Iceland and Harvey Nichols.
It is also believed to be in negotiations with restaurant chains Leon and Itsu.
Bink is now available on the retail banking applications of Lloyds, including Halifax and Bank of Scotland.
Bob Wigley, who heads the banking sector lobbying group UK Finance, resigned as chairman of the fintech in the fall of 2017.
His departure occurred during a difficult time for Bink, during which the company was compelled to seek funding at a severely discounted valuation.
With dozens of merchant partner discussions underway, it is optimistic about its growth chances.
Former Barclays executive and current non-executive director of Bink, John Dennis, assumed the role of interim chairman.
Mike Jordan, an experienced payments industry executive whose career encompasses 15 years at American Express, is the company’s CEO.
