Bink to raise £25m for expansion
UK based loyalty app Bink, a RAW Capital Partners Private Opportunities portfolio company, is seeking £25 million in funding to expand to the US and continental Europe.
Bink cofounder and CFO Greg Gormley told Business Insider that the firm will seek venture capital for its Series A round, which it hopes to close by July.The firm intends to use the capital to open an office in New York by September and take the app live in the United States by spring in 2018.
The idea behind Bink is simple: users can consolidate all of their existing loyalty cards and points into one app. Crucially, consumers can also securely link their debit and credit cards with Bink, then shop as they usually would and see points and rewards from retailers appear automatically.
Twenty retailers have so far signed up to the app — which has been live in the UK for three months — including supermarket Morrisons, clothes retailer River Island, and Arcadia Group, which houses high-street brands including Topshop, Dorothy Perkins, and Burton.
Visa, MasterCard, and American Express payment cards are all compatible with the platform.