A digital receipts startup with more than one million customers has closed down.
Founded in 2016, London-based Flux boasted a high-profile roster of retail partners having come through Barclays FinTech accelerator Rise. In 2020 the bank took a minority stake in the platform.
The first partner to join Starling Bank’s Marketplace, it revealed the 1m milestone earlier this year and claimed an average of 36,000 customers were joining the network every month. It also said it had generated 11m receipts.
Late last year it also launched Flux Offers, a direct-to-customer cashback offers platform which also excluded sale items from promotions – avoiding double discounting and ensuring a high return on investment from promotions.
Retail partners included H&M, schuh, Just Eat, itsu, Papa Johns and KFC, while in March more than 20 SMEs plus Italian restaurant chain Carluccios joined the platform.
“It’s with sadness that we announce that from Friday 14th October 2022, we’ll be closing the Flux network in the UK,” a statement read on the company’s website.
“This means that, from Friday, you’ll no longer be able to receive digital receipts or cashback offers when you shop at Flux retailers.
“We’re proud of what our team has achieved and the incredible network of retailers, banks and consumers that we have built over the last five years.”
Co-founder Veronique Merriam Barbosa (pictured) stepped up to become the new CEO earlier this year, taking over the day-to-day running of the business from Matty Cusden-Ross as he moved to the role of president to ‘advise and guide Flux through its mission to liberate the world’s receipt data’.
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