Flux, a UK-based fintech company, announced it has raised $7.5 million in Series A funding led by e.ventures. Existing investors PROfounders and Anthemis also participated in this round.
The funding will be used for building out the engineering team rapidly across the UK. And Flux will be using the funding to accelerate the expansion of its platform and help users keep track of what they buy and how much they spend.
Flux connects to banking apps and it is used by Barclays customers (via Launchpad), Starling Bank, and an alpha group of Monzo Bank. After banking customers link their account to the service, Flux delivers digital receipts and provides insights into rewards and loyalty programs. By setting up a platform for receipt data, Flux can ensure that consumers have more seamless experiences like card-linked loyalty and automated expensing.
“Flux was born out of a simple idea, paper receipts in the 21st century is insane. They just don’t work with our digital lives and create an unnecessary environmental burden,” said Flux founder and CEO Matty Cusden-Ross. “Our mission at Flux is to liberate the world’s receipt data by doing so enriching trillions of experiences globally. We’re super excited to continue bringing our vision to life with our incredible investors at e.ventures, PROfounders and Anthemis.”
Flux became the first every third-party integration to Barclays Launchpad earlier this year. And Flux also recently announced that retail brands like Pure are joining the service. Some of Flux’s existing partners include Costa Coffee, EAT., pod, and itsu.
“We have been impressed by the traction the Flux team have made amongst large UK retailers and banks in a short timeframe,” added e.ventures founding partner Andreas Haug. “We see paperless data on spending as one of the last frontiers enabling a true shift to digital engagement within retail and are excited for the future with Flux.”