Flux the London-based fintech has raised the amount of $7.5 mn as fund for launching Series A. The company has fabricated the technology for banks and merchants for offering detailed digital receipts. The VC firm is leading in the funds and also marking the presence of investing participants such as Anthemis and PROfounders.
The company was founded in 2016 that bridges the gap between the digital receipt data and general point-of-sale systems. This shows up on a bank statement or mobile banking app. Based on this, it offers the power loyalty and offers on their cards coupled with the in-depth POS analysis.
Currently, the Flux is available through Barclays, challenger bank Starling, and the group of Monzo customers. After linking their accounts to the Flux’s service, it delivers the digital receipts for each transaction. To the end, this partnership embraces the costa, EAT, coffee, and itsu.
Matty Cusden-Ross, co-founder of Flux said that enhancing the digital experience of receipts is the primary aim of the company. The data collected by the digital receipts can be used in everyday life for improving budgets and loyalty of customers. Till now, the customers were maintaining this data manually; however, adoption of services such as Flux offers unified experience. Also, the uptake of services could enhance the life experience of people. The company will be focused on launching the standard system in the UK and then on the international platform.
Flux is looking to achieve standards for improving digital receipts which offer the standard and power to their customers.