19 June 2018
Visit www.gemalto.com

Flux aims to re-imagine paper receipts

24 April 2017  |  7618 views  |  2 Flux digital receipts

Flux, a fintech startup founded by three of the first four employees of money transfer firm Revolut, has begun pilot trials of a service to convert paper til receipts to mobile data services in partnership with retail chains Eat and Bel-Air and digital challenger bank Monzo.

Currently, when a customer looks at their bank statement they can only see the retailer’s name, the total amount and the date. Flux aims to complete the picture by showing each item bought and linking connected information, such as loyalty points, to those items. The company says its code can match purchase level data to a consumer via their payment card without interfering in the payment processing.

Matty Cusden-Ross CEO, founder of Flux​, says: “We built Flux because it’s completely insane that today we pay with 21st century contactless and are still handed a 100 BC paper receipt​."

The pilot with EAT and Bel-Air will take place in London EC1/EC2 located stores, while Monzo customers will be able to link their card to the Flux platform for e-receipt capture.

For banks, the company says its software will help reduce queries relating to chargebacks by appending more detailed consumer spending data to bank statements, while retailers will be able to engender greater loyalty through push notifications of stamp points.

Flux is currently participating in the 2017 Barclays Accelerator and has so far raised $120,000 from Techstars.

Comments: (2)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India 24 April, 2017, 12:10

Happy to see FinTech entering into place where win proposition for banks as well as retailers with new proposition to bank's customers.

Online statement services by bank will become more interesting space !!! Flux really in process of converting 100 BC paper print into 21st Century sales tool :)

Be the first to give this comment the thumbs up 0 thumb ups!
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 25 April, 2017, 13:20

We've seen other fintechs who launched mobile wallets probably because their founders "found it completely insane that people would store their 21st century contactless cards in 1000 BC leather wallets." We know how that movie ended. Hope Flux fares better and proves that the insanity is in the market and not its founder's mental state.

Be the first to give this comment the thumbs up 0 thumb ups!
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Canadian digital receipt firm Sensibill raises funds for international push

Canadian digital receipt firm Sensibill raises funds for international push

02 March 2017  |  4672 views  |  0 comments | 2 tweets | 2 linkedin
Chase adds receipt capture to Jot mobile app

Chase adds receipt capture to Jot mobile app

07 May 2013  |  6624 views  |  0 comments | 7 tweets | 5 linkedin
ERN unveils Looop big data platform for banks and merchants

ERN unveils Looop big data platform for banks and merchants

07 February 2013  |  11173 views  |  0 comments | 14 tweets | 8 linkedin
American Express launches receipt capture app

American Express launches receipt capture app

14 November 2012  |  14014 views  |  2 comments | 23 tweets | 8 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit equensworldline.comVisit http://go.jumio.com/finextraAdVisit www.aciworldwide.com

Who is commenting?

A Finextra member Finextra Member Commented on: BIS: Cryptocurrencies...
A Finextra member Finextra Member Commented on: BIS: Cryptocurrencies...
A Finextra member Finextra Member Commented on: Monzo launches bill tr...
A Finextra member Finextra Member Commented on: NatWest taps Open Bank...
A Finextra member Finextra Member Commented on: HSBC promises $17bn in...

Top topics

Most viewed Most shared
10,000 jobs could be lost to robots says Citi10,000 jobs could be lost to robots says C...
48751 views comments | 44 tweets | 35 linkedin
Ripple exec says DLT not ready for banks...yetRipple exec says DLT not ready for banks.....
10513 views comments | 9 tweets | 32 linkedin
UK launches £2.5bn startup initiativeUK launches £2.5bn startup initiative
9432 views comments | 30 tweets | 26 linkedin
HSBC promises $17bn investment in technologyHSBC promises $17bn investment in technolo...
8327 views comments | 8 tweets | 21 linkedin
Live: EBAday2018, day oneLive: EBAday2018, day one
8154 views comments | 6 tweets | 5 linkedin

Featured job

Find your next job