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Digital receipt startup Flux scores game-changing deal with Barclays

13 November 2017  |  12450 views  |  6 Barclays Apple Pay

Barclays has become the first of the high street incumbents to engage with Flux, a digital receipt startup that is gaining traction with the new wave of UK challenger banks.

A deal with Barclays could be a game-changer for Flux, which recently raised $1.5 million in seed funding and scored a partnership with Starling Bank as the first startup to join the app-based bank's banking-as-a-service marketplace. Flux is also running closed user trials with rival challenger Monzo.

The upcoming trial with Barclays will take place with the estimated 10,000 users of the Barclays Launchpad app, the bank’s platform for testing new features with real customers to learn more about how best to meet their needs.

Flux has also partnered with Barclaycard to explore enabling major retailers, such as EAT, to deliver digital receipts to their customers. The tests will see Barclaycard provide the ability for merchants, via integration through their point-of-sale devices, to issue digital receipts to any customer from a participating bank who is enrolled into the Flux service.

If the trial prove successful, Flux - a graduate of Barclays' 2017 startup accelerator programme - will be rolled out to the five million customers using the Barclays Mobile Banking App.

Matty Cusden-Ross, co-founder and CEO of Flux, says: “We believe that Flux is the next biggest innovation for retail payments since contactless. Nobody wants to keep track of hundreds of bits of paper in the 21st century. We are determined to digitise the world’s receipts by linking to how customers pay anyways so we don’t change behavior at checkout.”

Comments: (6)

Jonathan Bowles
Jonathan Bowles - catalyst - odiham | 14 November, 2017, 07:16

great news in the advancement of paperless . POS terminals need to have more potential too. well done Matty 

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James Piggot
James Piggot - Finastra - London | 14 November, 2017, 07:40

This would be a great advance, will it also stop retailers from asking for "proof of purchase" which means we have to store hundreds of fading little pieces of paper in the off-chance something fails and has to be returned.

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Jonathan Bowles
Jonathan Bowles - catalyst - odiham | 14 November, 2017, 07:43

great point . we need any gauantee detail attached to where appropriate otherwise too much clutter again 

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Philippe Guenet
Philippe Guenet - Henko - PURLEY | 14 November, 2017, 08:20 You may also want to ensure that you could get the transaction VAT receipt, not just the payment receipt. That would be timesaver for tracking expenses.
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Jonathan Bowles
Jonathan Bowles - catalyst - odiham | 14 November, 2017, 08:22

great comments . what about security nabbing you checking whether you paid - is access realtime to get out of jail 

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Stephen Clarke
Stephen Clarke - B&Q plc - Chandlers Ford | 14 November, 2017, 09:26

Met these guys last week at the EPA Retail Paytech Forum. To have mass appeal it needs to have mass adoption by all major banks, and don't forget its not really about taking away the paper receipt, that just takes away an annoyance, its about the data within the receipt that will be going through the Flux platform that has real value.

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