A loyalty app which counts Barclays and Lloyds Banking Group amongst its shareholders has secured a £9m funding lifeline.
Sky News understands that current traders in Loyalty Angels, which trades as Bink, have agreed to offer £7.5m in new capital.
They have additionally indicated that they may conform to underwrite an extra £1.5m of funding, in keeping with insiders.
The further funding will present Bink with ample money to function till at the very least the primary quarter of 2024 following a sequence of cost-cutting measures carried out late final 12 months.
Bink operates as an app which allows shoppers to ditch their plastic loyalty playing cards, and has struck partnerships with retailers together with Iceland and Harvey Nichols.
It is now additionally understood to be in talks with Leon and Itsu, the restaurant chains.
Bink is now working throughout Lloyds’ retail banking apps, which embody Halifax and Bank of Scotland.
Last autumn, Bob Wigley, who chairs the banking sector lobbying group, UK Finance, stepped down as chairman of the fintech.
His exit got here throughout a parlous interval for Bink, with the corporate pressured to hunt funding at a closely discounted valuation.
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It is now mentioned to be assured about its development prospects, with dozens of conversations underway with potential service provider companions.
John Dennis, a former Barclays govt who already serves as a non-executive director of Bink, took over as interim chairman.
The firm is run by Mike Jordan, an skilled funds trade govt whose profession consists of 15 years at American Express.
Source: information.sky.com”