Observed Signal · May 31, 2024 · Business Closure · Source: Tech.eu · Impact: 2/5 · Sentiment: Negative
Loyalty App Bink, Backed by Lloyds and Barclays, Shuts Down
Bink, a UK-based loyalty fintech founded in 2015, has ceased trading, resulting in 46 redundancies. The company linked consumers' payment cards to retailer loyalty schemes, with clients including Iceland, Harvey Nichols, and Wasabi. Advisory firm FRP was appointed joint liquidator to Loyalty Angels, which traded as Bink, on May 29. FRP stated the business had suffered significant losses for several years and recent efforts to secure additional funding had failed. Bink lost £11.8m in the year to August 2022 and was reportedly valued at £100m in 2017. All staff members were made redundant, and liquidators are now winding down the business to maximise creditor returns.
Closure of a notable UK loyalty platform backed by two major banks, resulting in 46 redundancies; significant for the loyalty/fintech scene but not industry-shifting for AdTech.
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Key Takeaways & Evidence Grounding
- Bink, founded in 2015, has ceased trading.
- All 46 employees were made redundant.
- FRP was appointed joint liquidator to Loyalty Angels, trading as Bink, on May 29, 2024.
- Bink reported a loss of £11.8m in the year to August 2022.
- The company was reportedly valued at £100m in 2017.
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