Barclays preparing digital receipt rollout as it takes a stake in Flux

By Oliver Smith on Wednesday 29 January 2020

Digital Banking

The stake is an extension of Flux's $7.5m Series A in 2018.

Barclays preparing digital receipt rollout as it takes a stake in Flux
Image source: Flux's management team Tom Reay, Matty Cusden-Ross and Veronique Barbosa.

High street giant Barclays is strengthening its relationship with digital receipt startup Flux through a minority stake in the business.

The move precedes Barclays rolling out Flux’s digital receipt technology for all of its customers, which is said to be coming in the near future.

Flux, which was founded in 2016 by three former Revolut employees, issues itemised digital receipts via customer’s existing banking apps.

Last year Flux issued its millionth digital receipt through its partnerships with a dozen retailers and banking challengers Monzo and Starling. 

CEO Matty Cusden-Ross has championed the technology as both a cost-saving win for retailers not having to issue paper receipts, and an environmental win due to the trees needed for all those paper receipts.

Last week Flux announced its 12th retail partnership with pizza giant Papa John’s.

Terms of Barclays’ “strategic investment” in Flux were not disclosed, however, the investment is an extension of Flux’s 2018 $7.5m Series A, the valuation of which was never disclosed.

Flux’s innovative technology provides a practical and straightforward solution to an everyday problem for both shoppers and merchants,” said Ruchir Rodrigues, Barclays’ Global Head of Digital and Platforms.

“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.”

Barclays and Flux have a long-standing relationship, the digital receipt upstart having been through Barclays’ Rise fintech accelerator in 2017 and running a successful trial on Barclays’ Launchpad programme in 2018.

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