Barclays will today take its relationship with digital receipts startup Flux one step further by acquiring a minority stake in the London tech firm.
The startup said Barclays will also soon begin an expansion of its ongoing partnership with Flux to reach its entire UK mobile banking customer base, after a successful trial period on Barclays’ beta programme Launchpad.
Flux connects banks with merchants around the UK to provide users with a digital version of their receipt every time they make a purchase at a participating retailer. It recently signed deals with Papa Johns, Just Eat and KFC, and is currently available to Monzo and Starling Bank customers.
In the last year alone, Flux grew in size from having generated 30,000 receipts to surpassing 1.2m transactions, while also raising a £6m series A round in December.
Chief executive Matty Cusden-Ross told City A.M. the startup is not actively fundraising for its next round, but is having conversations with new investors both in the UK and the US.
The company, which was founded by three early Revolut employees, began its relationship with Barclays when it participated in the bank’s London fintech accelerator programme Rise in 2017.
“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.”
Flux declined to specify the size of the stake, other than to clarify that Barclays would not be taking a seat on Flux’s board of directors.
Flux’s chief operating officer Veronique Barbosa told City A.M. the firm plans to add more strategic partnerships and investors to its roster soon, alongside current backers E.ventures, Anthemis and Profounders.