UK FinTech firm Flux has raised $1.5m (£1.1m) in Seed funding in a round led by PROfounders, a venture capital firm which has invested in Made.com and onefinestay.
Anthemis, Force Over Mass, Yarrow Capital, Fidel Manolopoulos, Alex Hoare and early Seedcamp investor Rosemary Forsyth also participated in the round.
Flux, which delivers real-time receipts, says it will use the cash to hire across the board.
Matty Cusden-Ross, CEO and founder at Flux, commented: “We fundamentally believe Flux can bring the most significant innovation in retail payments since contactless.”
Cusden-Ross co-founded Flux alongside former Revolut employees Tom Reay and Veronique Barbosa after they identified how technology could eradicate paper from the transaction cycle. The firm graduated from Barclays Techstars in May 2017.
Rogan Angelini-Hurll, founding partner at PROfounders, explained why he decided to back the startup: “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.”
Partnerships and pilots
The company is currently in a closed pilot with Monzo Bank and available across more than 100 EAT stores in the UK.
It has also partnered with Starling Bank, featured as the challenger bank’s first integrated partner within its marketplace. As a result of the partnership, Flux will deliver real-time receipts to Starling Bank’s customers. Flux is also looking to eventually offer automated loyalty points with cashback for any loyalty freebies collected by users.
“In less than five months we have achieved full roll-out 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,” added Cusden-Ross.
Commenting on the deal, Megan Caywood, chief platform officer at Starling Bank, said: “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.”
Check out our UK tech investment tracker for the latest deals.