Posted on January 29, 2020 by staff

Barclays acquires minority stake in Flux


Barclays has acquired a minority stake in digital receipts platform Flux.

The platform is to be rolled out to the bank’s entire UK customer base following a successful trial period on Barclays’ beta programme Launchpad.

Flux, which raised a £6m series A round in December, automatically provides users with a digital version of their receipt when they make a purchase.

Participating retailers include Papa Johns, Just Eat and KFC. The service is currently available to customers of Monzo and Starling Bank.

Last year it passed 1.2m transactions.

“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.”

The company was founded by three employees of Revolut and participated in Barclays’ London FinTech accelerator programme Rise in 2017.