Known for its Payment Linked Loyalty (PLL) technology, Bink was founded in 2015 and connected its customers' payment cards to partner businesses' loyalty programs. The start-up, which had previously operated in the UK and the USA, gained notoriety in 2019 when it secured a £10 million fundraising round including a "significant" minority interest investment from Barclays.

Three years later, there were allegations that the business was going to get “millions of pounds” from Lloyds Banking Group, and as part of these transactions, its technology was going to be made available to retail clients of both banks.

According to sources at Sky News, it then raised an additional £9 million from current investors in March of last year after UK Finance chairman Bob Wigley resigned from Loyalty Angels' board in late 2022.

It has recently been revealed that Sarah Cook and Miles Needham of FRP Advisory have been assigned to supervise Bink's shutdown against the fierce headwinds of the UK's present financing climate.

The consultancy company said in an interview with FinTech Futures that Bink had "suffered significant losses for a number of years and recent efforts to secure additional funding had proved unsuccessful."

As a result, the company had halted operations before liquidators were appointed, and all 46 employees had been laid off. Now that the firm is being wound down in an orderly manner, the Joint Liquidators will go on with maximizing any possible returns for creditors.