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Barclays and Lloyds-backed loyalty app Bink enters administration

Bink Shuts Down – Key Points:

  • Company Closure: UK-based loyalty app Bink has entered administration.
  • Liquidators Appointed: FRP Advisory’s Sarah Cook and Miles Needham were appointed as joint liquidators.
  • Founding and Technology:
    • Founded in 2015.
    • Known for Payment Linked Loyalty (PLL) technology.
  • Operations: Operated in the UK and USA.
  • Investments:
    • Significant minority stake investment from Barclays in 2019 (£10 million funding round).
    • Reports of receiving “millions of pounds” from Lloyds Banking Group three years later.
    • Raised a further £9 million from existing investors in March last year.
  • Board Changes: UK Finance chairman Bob Wigley resigned from Loyalty Angels’ board in late 2022.
  • Financial Struggles:
    • Suffered significant losses over several years.
    • Recent efforts to secure additional funding were unsuccessful.
  • Ceased Trading:
    • Business ceased trading before the liquidators’ appointment.
    • All 46 staff members were made redundant.
  • Next Steps: Liquidators to oversee an orderly wind down and maximize potential returns for creditors.
  • Contact for Comments: FinTech Futures contacted Barclays and Lloyds Banking Group for comments.

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