Flux Closes a €6.6 Million Funding Round to Deliver Digital Receipts and Analyse Transactional Data

Flux was founded in 2016 and focuses on delivering digital payment receipts via connecting in-store POS systems with m-banking interfaces.

This FinTech just closed a €6.6 million funding round led by e.ventures, along with existing investors PROfounders and Anthemis.
Value proposition:
- For end customers:
  - Store digital receipts without having to scan them
  - Be sent customised offers in real time based on their purchasing history, store these rewards in-app and use them instantly
- For banks:
  - Increase customer loyalty using smart receipts to help them optimise budget management processes
- For merchants:
  - Be provided aggregated and analysed data regarding their customers and products
  - Improve customer loyalty via featuring more relevant offers
These enhancements rely on connecting POS devices (where various elements can be retrieved about the customer and his transactions) and the customer’s banking statement (to be aggregated and sorted out by way of improving customer-facing value addition).

Scaling up: Flux has a partnership in place with a well-established banking player (Barclays) and was able to trigger a virtuous cycle to attract more institutions (Monzo and Starling Bank) as well as retailers (Pure, Costa Coffe, EAT, itsu, etc.). This funding round will contribute to their expanding their network and harnessing their solution's potential.
This high amount funding round also can be accounted for by huge Analytics potential, via linking banks and retailers. Flux builds on few information from customers’ bank statements and on significant amounts of data processed through in-store cash registers.
Flux also wants to impose a communication standard for digital receipts and provide their technology, as a white-label offer, to other industry players.

According to TechCrunch, more partnerships are being implemented, including with a large-scale British retailer and a fast-food chain.

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