Fintech platform Flux and Barclays strengthen relationship
Today Barclays has announced a new partnership with Flux, the digital receipts and rewards platform, in an exciting step that will see the bank join as Flux’s first strategic partner.
Barclays is participating in the UK based fintech’s strategic fundraise and will hold a minority stake in the business upon closing the transaction.
The new partnership is a key part of Barclays’ plans to invest in new business models for growth. The commitment from the Bank will unlock fresh growth potential for Flux.
Using Flux’s technology retailers can now offer shoppers paperless and friction-free e-receipts, making it even easier for customers to keep on top of their spending.
Founded in 2016, Flux was accepted on Barclays London-based fintech accelerator programme, Rise, and graduated from the programme in 2017 after proving the product’s viability for both retailers and consumers. Flux has since struck up deals with merchants across sectors including Just Eat, Papa John’s, schuh, KFC and Itsu.
Ruchir Rodrigues, Global Head of Digital & Platforms 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.”
Matty Cusden-Ross, CEO and Founder of Flux 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.
Barclays have long been supporters of Flux, and we’re excited to see our partnership deepen. It is an exciting time for Flux, now we are really getting started.”
In 2019, Flux raised £6 million of Series A funding and welcomes investors including e.ventures (investors in Farfetch, Sonos and Groupon), Anthemis and PROfounders.