The trend of incumbents investing in startups continues to rise. UK bank Barclays announced this week that it will invest in startups as it announces a minority share in the Monzo and Starling backed startup, Flux.
Flux, the UK-based fintech, connects with specific banks in order to receive digital receipts through purchases made via the bank. Barclays is the third bank to become Flux-enabled, joining Unicorns Starling and Monzo.
Ruchir Rodrigues, Barclays' global head of digital & platforms says: “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.”
This news follows closely after the news that the firm raised US$7.5mn in a series A funding last December.
Flux was first founded in 2016 by three former Revolut employees. It previously took part in Barclays’ fintech accelerator programme, Rise. In 2017, the fintech completed the accelerator program and began forging partnerships with UK retailers.
Retailers that use Flux include:
Ed’s Easy Diner
According to insider information from City A.M, Veronique Barbosa shared that Flux has plans to continue to add more strategic partnerships and investors very soon.
Matty Cusden-Ross, CEO and founder at Flux: “Flux’s mission is to liberate the worlds’ receipt data in order to enrich trillions of experiences globally.”
Did you know? In the UK, over 11 billion receipts are printed each year, costing under a pence to print each
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