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Barclays buys minority stake in digital receipts firm Flux

Barclays buys minority stake in digital receipts firm Flux

Barclays Bank has made a strategic investment in UK digital receipts startup Flux.

Flux plugs into banking apps and is currently available for customers of Barclays via Launchpad, Starling Bank and Monzo Bank. Customers linked to the app receive digital receipts and loyalty coupons from retailers signed up for the service.

Founded in 2016, Flux was accepted on Barclays London-based fintech accelerator programme, Rise, and graduated from the programme in 2017 after proving the product’s viability for both retailers and consumers. Flux has since struck up deals with merchants across sectors including Just Eat, Papa John’s, schuh, KFC and Itsu.

The digital receipts platform has now delivered more than one million receipts to customers across the UK, having started the year with fewer than 30,000 - an increase of more than 3,000% in one year.

The relationship with Barclays will unlock fresh growth potential for Flux, providing access to the UK bank's considerable merchant customer base.

Ruchir Rodrigues, Barclays' global head of digital & platforms says: “Flux’s innovative technology provides a practical and straightforward solution to an everyday problem for both shoppers and merchants.

“We have worked closely with Flux since 2017, and we’re excited to continue supporting them in their next stage of growth through this strategic partnership.”

The firm in December raised $7.5 million in Series A funding led by venture capital outfit e-ventures with participation from existing backers PROfounders and Anthemis.

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