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Barclays to take stake in digital receipts start-up Flux

By Amanda Cooper

Barclays Bank will take a stake in digital receipts start-up Flux

Barclays Bank will take a stake in digital receipts start-up Flux, the fintech firm said.

With 21 million customers in the UK alone, Barclays is one of the country’s five largest retail banks. Flux said the partnership was designed to take it “across the UK and beyond”.

Flux, which was founded in 2016, delivers real-time itemised digital receipts to a user’s mobile banking apps by linking purchases to their bank cards. It already counts a number of leading UK high-street food and drink outlets among its customer base, including Costa Coffee, KFC and Itsu.

By late 2019, Flux was approaching its millionth digital receipt, having started the year with just 50,000 receipts and was averaging roughly 900 new customer sign-ups a day.

The company has worked with Barclays since its inception and the app is part of Barclays’ mobile banking offering.

Last week Flux announced it would work with pizza delivery company Papa John’s. Days before Christmas, the company announced partnerships with a string of London restaurants, including Giraffe, Japan Centre and Ed’s Easy Diner.

The company did not detail the size of Barclays' stake but said the bank would not have a seat on its board of directors.

Ruchir Rodrigues, Barclays’ global head of digital and platforms, told CityAm: “Flux’s innovative technology provides a practical and straightforward solution to an everyday problem for both shoppers and merchants.

“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.”

FURTHER READING: Two initiatives spotlight push towards digital banking

FURTHER READING: UK tech sector growth outpaced US and China in 2019

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