Founded in 2016, Flux‘s mission is to bring receipts out of the paper age and into the digital age. The London-based startup provides digital receipts and loyalty rewards by linking them to payment cards and banking apps, giving customers an easier way to keep track of their spending.
The startup has just closed a €6.6 million Series A round led by e.ventures, along with existing investors PROfounders and Anthemis.
Once banking customers link their account to the service, Flux delivers digital receipts in real time, for every transaction at one of Flux’s retail partners. Flux is currently available for customers of Barclays via Launchpad, Starling Bank, and is doing a pilot with Monzo Bank.
On the retail side, Flux counts partners like Pure, Costa Coffee, EAT., pod and itsu. In just over 20 months, Flux’s combination of retail and banking partnerships has allowed it to capture a high single digit percentage of the share of the UK’s card transactions as a result of its integrations. The company expects to significantly increase that percentage in 2019 as new bank and retail partners join the platform.
Although Flux’s current focus is building receipt infrastructure, they hope to expand their platform and offer more services in the future, such as card linked loyalty and automated expensing. This new funding round supports their ambition of creating an industry standard platform throughout 2019.
Matty Cusden-Ross, CEO and Founder at Flux, said: “Flux was born out of a simple idea, paper receipts in the 21st century is insane. They just don’t work with our digital lives and create an unnecessary environmental burden. Our mission at Flux is to liberate the world’s receipt data by doing so enriching trillions of experiences globally. We’re super excited to continue bringing our vision to life with our incredible investors at e.ventures, PROfounders and Anthemis.”
Andreas Haug, Founding Partner at e.ventures, said: “We have been impressed by the traction the Flux team have made amongst large UK retailers and banks in a short timeframe. We see paperless data on spending as one of the last frontiers enabling a true shift to digital engagement within retail and are excited for the future with Flux.”
