By Tech.eu
A loyalty app backed by Lloyds and Barclays Bank is closing, leading to 46 redundancies.
Bink, founded in 2015, links existing payment cards to loyalty schemes.
Bink’s USP is that it effectively replaces the need for separate individual rewards cards for businesses.
The fintech links consumers’ payments cards with the loyalty schemes of its retail partners.
Its clients include the supermarket chain Iceland, the department store Harvey Nichols, and the Japanese restaurant franchise Wasabi.
Last year, the Berkshire-based fintech received £9m in new funding.
One source told Tech.eu “Bink has lost a lot of money. The business has been a complete turkey from day one.”
Advisory firm FRP were appointed joint liquidators to Loyalty Angels, which traded as Bink, on May 29.
FRP said:
“Bink was an app-based facilitator of loyalty and reward schemes for several businesses but 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.”
Bink lost £11.8m in the year to August 2022 according to accounts filed at UK Companies House. The company was said to be valued at £100m in 2017.
Bink was unavailable for comment.