Flux, a UK Fintech, Closes a $1.5 Million Seed to Fuel Their Mission to Make Paper Receipts Obsolete

September 12, 2017         By: Payment Week

Today Flux, the receipt data platform, has closed a $1.5 million seed round led by PROfounders (investors in made.com and other high profile consumer brands).

The round also drew support from Anthemis, Force over Mass, Yarrow Capital, Fidel Manolopoulos (a Venture Capital partner), Alex Hoare (of C. Hoare & Co. the oldest private bank in the UK) and Rosemary Forsyth (one of the earliest investors at Seedcamp). The funding will be used by Flux to hire across key roles, particularly engineering, in order to support Flux’s fast growing platform.

Flux delivers real time receipts, including item data and VAT, and loyalty stamps directly to customer’s mobile banking apps. They do this by linking purchases to bank cards via a software integration to the retailer’s point of sale. By connecting customers to their exact purchases Flux can get rid of the need for paper in the transaction cycle whether that’s receipts, loyalty cards or coupons.

Flux is in closed pilot with Monzo Bank and is currently available across all 111 EAT stores in the UK and Bel-Air Shoreditch. Flux enables retailers to better understand and engage consumers whilst in turn giving consumers a completely digital and personalised experience.

Alongside the funding Flux announces a full bank partnership with Starling Bank. Flux is now live as the first integrated partner within the Starling Bank Marketplace. Flux will send real-time receipts to the Starling app when a customer pays with their Starling card at any of Flux’s retail partners. In the future, Flux will also allow Starling customers to get automated loyalty points with cashback for any loyalty freebies that have been collected.

Matty Cusden-Ross, CEO and Founder at Flux, said:

“We fundamentally believe Flux can bring the most significant innovation in retail payments since contactless. In less than five months we have achieved full rollout with partners who share our vision: Starling Bank, EAT and Bel-Air. We’re immensely proud to be one step closer to digitising the world’s receipt data in the simplest way possible and are very excited to grow with the guidance of our incredible investors at PROfounders and Anthemis.”

Rogan Angelini-Hurll, Founding Partner at PROfounders, said:

“In today’s technologically driven world scrabbling around for paper receipts to track one’s spend breakdown, collect loyalty points and for returns is frankly insane. There have been a number of attempts to solve this but we love Flux’s elegant solution, which, critically, requires no change in behaviour or extra effort for consumers or retailers. We’re excited to join Flux’s dream to remove paper from the transaction cycle.”

Yann Ranchere, Partner at Anthemis, said:

“Paper receipts are one of the most dated artefacts of our pre-digital world. As commerce and finance are moving to a digital infrastructure, they also represent an important opportunity to move the life of customers fully online. We are excited to support Flux in bringing a solution to the market that adds not only simplicity but also customer empowerment to the banking process.”

Megan Caywood, Chief Platform Officer at Starling Bank, said:

“Starling is built on the belief that customers should have ownership over their data.This is how they can build a better relationship with their money. The Starling Marketplace is central to turning this belief into something tangible, allowing third party developers, like Flux, access to our API’s to build a range of apps and integrations with the goal of helping people manage their money more efficiently. We think the ability to digitise your receipts, as provided by Flux, will give our customers greater insight into their spending, and a less cluttered financial life. Having Flux join us at the start of our journey to build out our Marketplace is an exciting step into the future of finance.”