Barclays buys minority stake in Flux
Digital receipts and rewards startup Flux has been gaining ground with retailers and challenger banks, and had continued the momentum by attracting investment from Barclays.
Barclays has acquired an undisclosed minority stake in Flux, which was founded in London in 2016. Flux then joined Rise, Barclays' accelerator program, graduating in 2017. The app integrates with a bank’s mobile app and delivers digital receipts and rewards points when it is used with a linked payment card.
Flux works with Barclays, Monzo and Starling Bank, and has partnered with U.K. retailers and the domestic chains of global brands including KFC, Papa John’s, Giraffe World Kitchens, Itsu, Ed’s Easy Diner, online marketplace Just Eat and footwear retailer Schuh. Flux recently launched a partnership Papa John’s with an incentive marketing program. Flux has delivered more than one million receipts to customers across the U.K., up from just 30,000 one year earlier.
The company raised $7.5 million in a Series A funding round in December 2018 that was led by venture capitalist firm e.Ventures with participation from existing investors PROfounders, and Anthemis according to TechCrunch.
The digital receipts Flux provides its customers act as a bridge between the paper receipts from retailers that are often lost or misplaced, and the information banks provide in monthly statements. Flux analyzes purchase information and provides retailers with insights to fuel loyalty schemes and card-linked offers.