Flux to flex digital muscles with $7.5m funding
London-based digital receipt firm Flux has raised $7.5 million Series A funding as it plans to expand its platform.
“Flux was born out of a simple idea, paper receipts in the 21st century is insane”
The round was led by e.ventures (a venture capital firm which has previously backed Farfetch, Sonos and Groupon), along with existing investors PROfounders and Anthemis.
Matty Cusden-Ross, CEO and founder at Flux, says: “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.”
Flux plugs into banking apps and is currently available for customers of Barclays via Launchpad, Starling Bank and an alpha group of Monzo Bank.
Once banking customers link their account to the service, Flux will deliver digital receipts and where available rewards and loyalty, in real time, for every transaction at Flux retailer partners.
According to the firm, the solution allows customers to keep track of exactly what they buy and all receipts in their existing app.
In our PayTech Awards 2018, Flux, Barclaycard and Eat were “highly commended” in the Best Paytech Partnership category.
