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Flux shuts down digital receipts network

Flux shuts down digital receipts network

Digital receipts startup Flux is shutting down its network in the UK just months after trumpeting impressive growth and user stats.

Founded in 2016, Flux was accepted on Barclays London-based fintech accelerator programme, Rise, and graduated in 2017 after proving the product’s viability for both retailers and consumers.

Barclays took a minority stake in the firm in January 2020. The startup was also the first fintech to join Starling Bank's Marketplace platform.

Customers linked to the app receive digital receipts and loyalty coupons from retailers signed up for the service, including brands like Pure, Costa Coffee, EAT., post and itsu.

The Flux Website has now reverted to a holding page bearing the strapline "Thank you and goodbye"

A statement reads: "It’s with sadness that we announce that from Friday 14th October 2022, we’ll be closing the Flux network in the UK. This means that, from Friday, you'll no longer be able to receive digital receipts or cashback offers when you shop at Flux retailers. We're proud of what our team has achieved and the incredible network of retailers, banks and consumers that we have built over the last five years."

In February, the firm announced that that more than one million customers were using its services in the UK. Flux was also claiming 12% monoth-on-month growth, with an average of 36,000 customers joining the digital receipts network every month.

At the time Veronique Merriam Barbosa, CEO and co-founder of Flux, said: "Our customer and receipts milestones have now set us up for success as we move forward in scaling Flux’s business model and delivering value back to our consumers, banks and retailers. Stay tuned for what’s to come!”

Comments: (1)

John Davies
John Davies - Velo Payments - London 13 October, 2022, 12:131 like 1 like

I'm curious to understand why, was it just not monetizable, did it cost more to run than the revenues?