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Gate Ventures PLC  -     

Investment in Bink

Released 07:00 02-Jun-2016

RNS Number : 9685Z
Gate Ventures PLC
02 June 2016
 

 Press Release

2 June 2016

 

 

Gate Ventures Plc

 

("Gate Ventures" or "Gate" or the "Company")

 

Investment in Bink

(Bink or the "Investee")

 

Gate Ventures plc, an investment company focused on media, entertainment, e-commerce, fashion retail, consultancy and operational projects, today announces that it has completed a £700,000 investment in Bink,  the first ever smartphone application (App) that links card payment to loyalty schemes, for a 4.1% stake.

 

This investment follows on from Gate's £500,000 investment in Ensygnia, a secure mobile payments provider, in March 2016 and further adds to Gate's portfolio of investee companies within the e-commerce space. As previously announced Gate Ventures will look to synergise investments where relevant.

 

Headquartered in the UK, Bink focuses on capitalising on the $100 billion a year global loyalty industry through its innovative platform and App.  The Bink App allows consumers to register their debit or credit cards and link them to various loyalty schemes. The App focuses on providing a consumer-centric service creating considerable benefits to both merchants and consumers.

 

The global loyalty industry is currently growing at 10% per annum, but is facing various obstacles to future growth due largely to the decline of consumer engagement and a perceived lack of benefit. Challenges include high opt-out rates and unnecessary friction from customers struggling to keep track of their points and rewards - leading to a decline of active participation within programs. The Bink App, which also significantly simplifies the process of redeeming loyalty rewards, is set to reinvigorate the loyalty market and will look to benefit from the continued growth.

 

Bink offers a simple solution by making it possible for partner retailers to track and identify all shoppers and their online and in store purchase history, to then engage them with highly relevant and bespoke offers - subsequently increasing customer visitations and transactions, whilst adding value to the shopper's experience.

 

The App also provides a frictionless journey for consumers to engage with their favourite loyalty programs without the need to remember to carry numerous loyalty cards or present a virtual card at point of sale.  Through Bink, consumers will automatically be able to collect loyalty points as they make debit or credit card payments and hence significantly reduce the hassle of managing multiple loyalty cards.

 

As part of the agreement, the Company and Bink have agreed to cooperate in a Joint Venture ("JV") in the Asia marketplace, where the loyalty market is worth $18 billion.  Gate Ventures will assist Bink's Asia rollout through market penetration in the highly lucrative Chinese loyalty market, leveraging on the Board's extensive connections in the e-commerce space in China through recent investment in Ensygnia.

 

Dr Johnny Hon, Chairman of Gate Ventures PLC, said:  "The Board of Gate is pleased to continue to strengthen its portfolio in the e-commerce space through its investment in Bink, allowing Gate to create further synergies amongst its investee companies.  We are confident that Bink's unique user friendly platform will attract significant consumer and merchant uptake, making Bink become the clear leader in the lucrative loyalty market.  We look forward to working with the management of Bink and assisting them to expand into the high-growth Asia market to set the foundation for Bink's global rollout."

 

For more information on Bink please visit bink.com.

 

- Ends -

 

Issued by: 

Gate Ventures Plc

Tel: +44 (0) 20 7016 9963

Geoff Morrow, CEO

www.gateplc.com

 

 

Media enquiries

Abchurch Communications Limited

 

Canace Wong / Nessyah Hart

Tel: +44 (0) 20 7398 7714

GateVentures@abchurch-group.com

www.abchurch-group.com

 

Notes to Editors

 

Gate Ventures was formed to make investments and capitalise on investment opportunities in the media and entertainment sectors. Since the formation of the Company, the Board received shareholder approval to expand its business strategy to include the fashion retail sector, the television element of the media and entertainment sectors, e-commerce as well as consultancy and operational activities. The Board believes the expansion of the Company's business strategy into these growing markets will add significant shareholder value. The Company intends to focus on investment and operational opportunities primarily in the UK and China, however other territories will also be considered as further opportunities arise.

 

 

- Ends -

 


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Investment in Bink - RNS