94. Flux

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Founders: Matty Cusden-Ross, Tom Reay, and Veronique Barbosa
Founded: June 2016 (Launched April 2017)

“It’s insane that today you can go from using the 21st century technology of contactless payment to the 100 BC technology of paper receipts”, assert the founders of digital receipts start-up Flux.

The trio – Matty Cusden-Ross, Tom Reay and Veronique Barbosa – had previously been among the first four employees of fast-growth digital banking start-up Revolut.

Founded in 2016, Flux delivers digital receipts to its users detailing exactly what they’ve bought, any loyalty points they’ve collected and rewards directly to their mobile banking apps. The platform is currently fully integrated with Starling Bank.

The technology is based on a patent pending algorithm that links purchases to bank cards via software that integrated into the retailer’s point of sale system without interfering in the payments process. What’s more, it can integrate with any existing loyalty scheme and “seamlessly” automate it.

Flux has secured EAT., Starling Bank, Monzo, and Barclays Bank as clients and also counts Barclaycard as a major partner.

In an age of increasing awareness of how data is used, Flux says that it takes “data safety extremely seriously” with bank level security. That means its data is stored and processed using third party servers in European data servers. It is then ringfenced to a retailer and used only for loyalty and rewards.

Supported by $1.5m funding from high-profile backers such as PROfounders and Techstars, the coming months will see the start-up announce a number of new and expanded partnerships with major high street retailers and banks.

The end-goal? “We’re on a mission to digitise and organise the world’s receipts and usher in an era of truly seamless transactions.”

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