Five to Watch: Matty Cusden-Ross, Veronique Barbosa and Tom Reay, Flux
With technology which sends receipts straight to your mobile phone, Flux allows you to check your spending without leaving the contactless (and paperless) age
Matty Cusden-Ross, 24, Veronique Barbosa, 28 and Tom Reay, 29
Described by Barclays as a “gamechanger”, Flux’s real-time, paperless receipts could be one of the most significant breakthroughs for retail transactions since the dawn of contactless payments a decade ago.
The company’s technology links purchases to bank cards via software embedded in the retailer’s point of sale. This technology sends receipts, including item data and VAT, straight to the customer’s mobile banking app, and it will also transmit loyalty stamps and reward offers if applicable.
Founders Matty Cusden-Ross, Veronique Barbosa and Tom Reay have form in this area having previously worked for Revolut, a company which offers cashback in cryptocurrency.
They started Flux because, they say, paying contactless and receiving a paper confirmation is like plunging from the 21st century back into the dark ages.
The benefits of their solution hit both ends of the transaction. While retailers can gain priceless insight into their consumer base, customers can keep better records of their outgoings without the faff of collecting reams of crumpled tickets.
The founders also suggest their product can save the UK over £30m a year in printing costs, and help the country move towards a greener, more sustainable future. After all, they say, over 90% of receipts printed in the UK contain harmful chemicals which have been linked to infertility, autism, and even diabetes.
The app is free for the user: retailers are charged for management of their reward and loyalty programmes, while banks are issued with a software as a service (SaaS) fee for the receipt data they gain from the process.
Founded as recently as June 2016, Flux is already available at all 111 EAT stores across the country and other customers include Monzo, Pod and Starling Bank.
The founders closed a $1.5m seed funding round led by PROfounders, investors in consumer leaders such as Young Gun company Made.com, last year.
Now the Flux technology is set to go live in Barclays’ Launchpad app, a major milestone which will provide access to up to 10,000 new customers.
The founders say that over the next 12 months they expect to announce several more partnerships with banks and retailers, as they try to bin paper receipts once and for all.