Flux, a receipts company, has extended its partnership with Barclays Bank through a strategic investment.
Barclays, which began interacting with Flux in 2017 as part of its Techstars Accelerator Programme, has now become Flux’s first strategic investment partner.
Following the investment, Barclays will not hold a seat on the Flux board of directors.
In a blog post announcing the deal, Flux said, “Here at Flux, we believe in democratising data and working together to facilitate communication and cooperation between retailers, banks, and customers. We also want to apply this policy of inclusiveness to the way that we build our company, and Barclays is the first of a group of select strategic partners that will help us take Flux across the UK and beyond.”
Flux automatically sends digital receipts to a consumer’s banking app so they can better keep track of their spending. Currently, Barclays, Monzo and Starling Bank support the Flux service.
Furthermore, when a user makes a payment at a store, it will collect the information and update loyalty programmes.
The FinTech works at retailers across the UK including EAT, Pure, Just Eat, KFC, Schuh, Itsu and more.
Flux secured a $1.5m investment in 2017 from backers including PROfounders, Anthemis, Force Over Mass and Yarrow Capital.
Copyright © 2020 FinTech Global
