Flux to reach 1m digital receipt milestone by 2020

By Oliver Smith on Tuesday 5 November 2019

Digital Banking

Flux was also named Web Summit’s No.1 most-requested startup for investors to meet.

Flux to reach 1m digital receipt milestone by 2020
Image source: Flux's management team Tom Reay, Matty Cusden-Ross and Veronique Barbosa.

Just three months after issuing its 500,000th digital receipt, Flux today announced it has surpassed 800,000 and will hit 1m before the end of the year.

An incredible achievement given the group started 2019 with fewer than 50,000 receipts delivered.

“To find ourselves approaching the millionth receipt mark just ten months on is incredible,” said Matty Cusden-Ross, CEO and founder of Flux.

“The number of receipts we’re delivering is a clear indication of Flux’s usefulness to customers and our retail partners who are working to go paperless—so 1m is exciting! We’re humbled and immensely grateful to all of our partners and customers who have joined us on this journey so far, and we can’t wait to see what 2020 brings for Flux.

Flux sits in between banks, payment providers and retailers, using its matching algorithm to associate individual products purchased with transactions in your mobile banking app.

The result is a per item digital receipt, valid for returns and some of which are valid for VAT calculations.

Flux currently works with Monzo, Starling and Barclays (via its Launchpad) bank accounts, and says it is currently signing up nearly 900 customers every day.

With CEO Cusden-Ross speaking at Web Summit this week, Flux was also named the event’s most-requested startup to meet by investors using Web Summit’s meetings system.

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