Minted, a UK-based gold investment platform, has teamed up with LUX Rewards, a premium rewards scheme for restaurants and retailers. The partnership comes after the fintech startup launched its gold-as-a-service API, allowing businesses to easily embed gold transactions into existing apps.
LUX Rewards is a points-based rewards scheme for affluent consumers and corporate professionals. The app is powered by the latest in card-linking technology; customers can link their payment cards and automatically receive points whenever they make transactions at featured merchants. LUX’s premium rewards scheme now allows customers to convert up to 10% of their spend into physical gold using Minted’s new platform.
Founded in 2018, with the aim of making gold investments more accessible to everyone, Minted allows the everyday investor to buy and sell gold, from as little as £30 per month. Unlike other gold-buying platforms, customers own physical 24-carat gold bullion and as such their investments have intrinsic value and are less exposed to fluctuations in the price of gold or global currency movements. Investors can either buy gold in units ranging from 10g to 1kg or choose from a range of monthly savings plans. The gold bullion purchased is fully-insured and can be stored in a secure London vault.
Becky Hutchinson, managing director at Minted, said: “It’s a real privilege to work with a like-minded company and expand our service offering. We’re changing the way people think about gold and our partnership with LUX opens a door for even more budding investors to access precious metals. Gold certainly can be for everyone and the benefits it offers over more traditional investment vehicles, particularly at a time of low-interest rates and significant stock market volatility, are significant.
“Previously, the fees attached to buying gold were a barrier; but Minted is now opening up the market with the support of business partners who share our vision.”
James Courtney, founder of LUX Rewards, said: “Our partnership with Minted couldn’t come at a better time – the hospitality industry is waking up post-pandemic and the future looks bright. With gold shooting up 25% in price during 2020, people now have another way to build up their portfolio of precious metals.
“We’ve found a way for restaurants to drive higher spending customers to their restaurants without devaluing their brand by offering a discount and diners to reap the benefits. By providing an opportunity to invest reward points in gold, LUX is creating possibilities for mainstream savers; this is the ultimate reward for those seeking a luxury lifestyle in the UK.”
Minted is actively integrating its gold buying platform into other apps and is poised to announce upcoming partnerships across a variety of sectors, from challenger banks to pension providers.