Barclays takes stake in loyalty platform Bink

The high street bank plans to roll out Bink’s technology to its six million app users.

Barclays has signed a new venture with loyalty platform firm Bink that will be rolled out to the high street bank’s six million app users. It has also taken a stake in the fintech business.

The fintech company said its “unique technology” allows customers to link payment cards to loyalty programmes, enabling them to automatically collect loyalty points when they buy goods or services with the card.

Barclays added is has made “a significant investment” in the Ascot-based start up founded in 2015. It also said it would take an undisclosed minority stake in Bink.

The high street bank said: “The new partnership is a key part of Barclays’ plans to invest in new business models for growth.” 

Last April, Barclays launched a new unit, Barclays UK Ventures, focused on developing new business such as fintech operations. It is led by Ben Davey, who was formerly Barclays’ group head of strategy, who is tasked with investing in outside firms as well as developing opportunities within the lender, which came trace its history back to 1896. All high street banks are working on plans to intergrate fintech operations into their long-established methods of working.

Ruchir Rodrigues, head of digital and Open Banking at Barclays, said: “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. Bink’s seamless payment linked loyalty technology will help customers avoid missing out on valuable loyalty benefits in all areas of their spending.”

Bink chief executive Mike Jordan said he was “thrilled” at the tie-up.

He added: “Our platform simplifies how customers collect loyalty points and can transform how businesses connect with their customers.”