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Barclays leads $12.9M investment in mobile loyalty platform Bink

Barclays plc led a $12.9 million (10 million pounds) investment in Bink, an app-based payment and loyalty platform, according to a press release and Twitter posting from the startup.

The companies will work together in a strategic partnership to deliver "groundbreaking experiences for customers." The investment is part of a larger plan to drive business models for growth.

Bink, founded in 2015, helps link payment cards with loyalty programs, so users automatically accrue points when they make a purchase.

"Bink has created a practical and innovative solution to an everyday problem and we're excited to support them in the next stage of their growth," Ruchir Rodrigues, head of digital and open banking at Barclays, said in the release.

He said six million Barclays customers use the bank's mobile app and that the Bink alliance will help them avoid missing out on loyalty benefits.

Bink had previously announced plans to expand into the U.S. and South Africa, as well as enter a strategic partnership with Microsoft. The Microsoft alliance involved selling the Bink loyalty solution to retailers, according to a Bink press release.