Flux aims to re-imagine paper receipts
24 April 2017 | 7306 views | 2
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.