Bink Loyalty App Closes Operations Amid Funding Challenges
Bink, a loyalty app previously backed by major banks like Barclays and Lloyds Banking Group, has closed its operations due to funding difficulties.
Originally, Bink gained traction with a significant partnership with Barclays in 2019, resulting in a substantial investment from the bank and access to its vast customer base.
This was followed by an additional investment from Lloyds Banking Group in March 2022.
Despite receiving £9 million in funding from parent company Loyalty Angels and existing investors in March 2023, which was expected to sustain operations until early 2024, the startup faced challenges.
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These challenges included the resignation of chairman Bob Wigley and various cost-cutting measures due to financial losses.
As efforts to secure fresh funding proved unsuccessful, the company had to appoint liquidators for an organized closure.
Consequently, all 45 employees were laid off as the company ceased its operations last month.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
