Flux raises $1.5m in seed funding round led by PROfounders

December 9, 2017

UK-based banking app Flux has raised $1.5m in its seed funding round, which was led by PROfounders.

Contributions to the round also included Anthemis, Force over Mass, Yarrow Capital, Fidel Manolopoulos, Alex Hoare and Rosemary Forsyth.

Flux helps manage loyalty cards and receipts in one place, with the platform getting automatic receipts as a user pays with their card. The client also gets loyalty card stamps digitally as soon as a transaction is completed.

The Flux platform has been in stealth with Monzo Bank since April this year and the app is currently available in 111 EAT stores in the UK and Bel-Air in London.

This capital will be used to hire staff for key roles in the company, particularly in engineering. The company hopes the funding will help it keep up with its customer demand.

PROfounders founding partner Rogan Angelini-Hurll said, â€œIn todayâ€™s technologically driven world scrabbling around for paper receipts to track oneâ€™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 Fluxâ€™s elegant solution, which, critically, requires no change in behaviour or extra effort for consumers or retailers.â€

The company has also announced it is live with Starling Bank as its first integrated partner. Starling Bank users can go to the Marketplace section on the Starling app and add Flux.