British financial institution Barclays has invested $12.9 million in Bink, a startup that lets customers store and view all their loyalty cards on a phone, and also links payment cards to get points and rewards automatically, according to reports.
The two companies said they're looking forward to the results of the partnership, and that they will “work in collaboration to deliver a ground-breaking experience for customers.”
Ruchir Rodrigues, the head of digital and open banking at Barclays, said that Bink, which was founded in 2015, “created a practical and innovative solution to an everyday problem,” and that Barclays is excited to help Bink grow.
“Over six million of our customers use our mobile banking app to manage their day-to-day finances, and we strive to make that experience as easy, intuitive and secure as possible,” Rodrigues said. “Bink’s seamless Payment Linked Loyalty technology will help customers avoid missing out on valuable loyalty benefits in all areas of their spending.”
Mike Jordan, the CEO of Bink, said he’s excited to be partnered with Barclays.
“We are thrilled that Barclays has chosen to invest in and partner with us at such an exciting time of Bink’s growth. Our platform simplifies how customers collect loyalty points and can transform how businesses connect with their customers,” he said. “It’s clear that Barclays and Bink share a common goal of driving innovation in app-based experiences, and this partnership will help deliver the benefits to Bink and Barclays customers alike.”
Bink said it wants to grow into the United States and South Africa, and also enter into a partnership with Microsoft to “sell a loyalty solution to retailers.”
Barclays, for its part, said its own banking app, called Barclays Mobile Banking (BMB), is being used by more than six million people, and that a spending feature is going to be released in the near future.