Wednesday, 24 May 2017 14:08
Bink achieves #27 of top 100 startup ranking
Goal to hit £6m turnover in next year
The Loyalty Magazine Awards prime sponsor Bink has been voted #27 in a list of the UK's top 100 startups.
The annual index of the UK’s most game-changing and exciting new businesses launched in the last three years, the Startups 100 reflects the country’s thriving start-up community and hottest trends. It ranges from a mattress company at #1 through to non-meat hot dogs at #100.
Started in 2008 by Startups Towers, the list puts Bink at #27 for 2017 and describes it as "The seven-month old loyalty app with £10m in funding and a client list featuring some of the biggest names in retail
Companies making the list in previous years include Secret Escapes, Notonthehighstreet.com, PROPERCORN, and Deliveroo.
Last year’s number one, peer-to-peer property lender LendInvest, put it best when it said that“for start-up companies, a ranking in Startups 100 is powerful, particularly when it comes to getting your brand out there. It’s an independent endorsement for businesses with good business models, ethos and visions.”
Startups 100 2017
To make the list in 2017, companies had to meet the following eligibility criteria at the time of submitting an entry.
• Have started trading on or after January 1 2014.
They should also have the following:
o Innovative USP
o Exceptional founders
o Employee numbers – Winners are companies that can scale and make a positive contribution to the UK economy.
o Adequate funding
o Traction to date – Such as a great client portfolio, large customer base, sales figures etc. we want to hear about it.
o Plus growth potential and global ambition
o This year’s winning businesses boast greater turnover and employee numbers than in 2016 – collectively employing 2,187 staff with average turnover of a staggering £1.64m.
Bink so far
In December last year, just two months after launch, London-based loyalty app Bink landed £2m in funding taking its total investment to £10m to date. If that isn’t an endorsement of this nascent start-up’s potential, then its growing customer base and client portfolio is.
Founded by serial entrepreneurs Lee Clarke and Greg Gormley, (pictured left and right), Bink is on a mission to disrupt the estimated $100bn global loyalty industry. Born out of the frustration of missed loyalty points, Bink enables consumers to digitally consolidate their existing plastic loyalty cards within one app, view all their points and balances in an aggregated screen and link them to their payment cards. The app is now nearing 100,000 downloads.
Unlike digital wallet companies, which require shoppers to present their smartphone and have a barcode scanned, Bink users simply have to shop with their Bink-registered payment card to receive all the necessary data and feed it back to the retailer. Additionally, if a user shops in a store where they are not yet a member of the loyalty scheme, the app offers the opportunity to join via a one click button.
It generates revenue through a cost per acquisition fee, when it adds a new consumer to a loyalty programme; a transaction fee for every time a user receives a reward, charging per coupon used and a license fee.
The company’s growing list of 20 major retail clients includes Arcadia Group, Morrisons, Pizza Express, River Island, Virgin Atlantic and Gap.
With a £25m Series A round set for July, Bink is aiming to secure a total of 50 core retail partners by the end of the year and has its sights set on expansion into the US, with the opening of a New York office later in 2017.
Should everything go to plan – the company is on target to hit £6m in turnover just over a year after launch.