Barclays and Lloyds-backed loyalty app Bink enters administration
UK-based loyalty app Bink is shutting up shop, with FRP Advisory appointed as joint liquidators of parent company Loyalty Angels on 29 May.
UK-based loyalty app Bink enters administration
Founded in 2015, Bink was known for its Payment Linked Loyalty (PLL) technology, which linked the payment cards of its customers with the loyalty programmes of its partner brands. Previously operating across the UK and USA, the start-up notably received a “significant” minority stake investment from Barclays in 2019 as part of a £10 million funding round.
This was followed by reports three years later that the company was set to receive “millions of pounds” from Lloyds Banking Group, with its technology rolled out to both banks’ retail customers as part of these deals.
It then went on to raise a further £9 million from existing investors in March last year, according to sources at Sky News, following the resignation of UK Finance chairman Bob Wigley from Loyalty Angels’ board in late 2022.
In the roaring headwinds of the UK’s current funding environment, it’s now been announced that Sarah Cook and Miles Needham of FRP Advisory have been appointed to oversee the closure of Bink.
Speaking to FinTech Futures, the advisory firm says Bink had “suffered significant losses for a number of years and recent efforts to secure additional funding had proved unsuccessful”.
“The business had therefore ceased trading prior to the appointment of liquidators, with all 46 members of staff made redundant. The Joint Liquidators will now progress with an orderly wind down of the business while seeking to maximise any potential returns for creditors.”
FinTech Futures contacted Barclays and Lloyds Banking Group for comment.
