British banking group Barclays has acquired an undisclosed minority stake in London-based digital receipts and rewards platform Flux.
The bank will not secure a seat on the Flux board through the transaction, Flux confirmed. Flux and Barclays have been long-standing partners. The lender now intends to expand its alliance with Flux by making the latter’s technology available to all its mobile banking customers in the UK.
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The move follows a successful trial of Flux’s technology on the Launchpad beta programme of Barclays. Barclays global head of digital and platforms Ruchir Rodrigues said: “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.”
Flux founder and CEO Matty Cusden-Ross said: “Our mission at Flux is to digitise the world’s receipt data to make people’s lives easier and more convenient – and we are delighted to announce the strategic investment from Barclays as another step helping us realise that future.”
Founded in 2016, Flux has entered into partnerships with Just Eat, Papa John’s, Schuh, KFC and Itsu, among others.
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By GlobalDataThe firm’s technology integrates merchants with banks, enabling participating retailers to offer customers paperless e-receipts to help track their spending.
Last year, Flux began from delivering around 30,000 receipts to exceeding 1.2 million transactions.
In 2018, the firm secured $7.5m investment through a Series A funding round led by venture capital firm E.ventures.
