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.
