Lloyds Banking Group is set to invest in loyalty app Bink, Sky News has reported.
In Brief:
The bank will invest “millions” for a minority stake, says Sky.
Bink is an app enabling customers to link loyalty schemes to their payment cards.
It works with retailers such as Harvey Nichols, Iceland and Wasabi.
What does this mean?
Lloyds will be the second major UK bank to take a stake in Bink, following on from Barclays which invested £10mn in 2019. Loyalty has been a slightly neglected area in terms of FinTech disruption up until a few years ago, but now many businesses in both the B2B and B2C space are seeking to innovate at a very competitive time for brands.
