Barclays takes minority stake in digital receipts startup Flux

David Prior's picture

Barclays Bank has acquired a minority stake in digital receipts startup Flux.

London-based Flux, which connects banks with retailers to provide users with a digital version of their receipt, has recently signed deals with Papa Johns, Just Eat and KFC and is currently available to Monzo and Starling Bank customers.

It raised $7.5m in funding in December 2018 in a round led by VC firm e.ventures, and last year grew from 50,000 to a million receipts delivered.

Founded in 2016, Flux graduated from Barclays' London-based fintech accelerator programme, Rise, in 2017.

Barclays will now expand its relationship with Flux to include its entire UK mobile banking customer base.

Ruchir Rodrigues, Barclays' global head of digital & platforms, said: “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.”