Retail tech startup Flux closes digital receipts network in UK
Digital receipts startup Flux is shutting down operations in the UK.
Founded in 2016, the firm was accepted on to the Barclays London-based FinTech accelerator programme, Rise, and graduated in 2017.
Barclays took a minority stake in the company in 2020.
Those using its app received digital receipts and cash back offers from such retailers as Costa Coffee, EAT., post and itsu.
A statement posted on the Flux website says: “It’s with sadness that we announce that from Friday 14th October 2022, we’ll be closing the Flux network in the UK.”
“This means that, from Friday, you'll no longer be able to receive digital receipts or cash back offers when you shop at Flux retailers.”
“We're proud of what our team has achieved and the incredible network of retailers, banks and consumers that we have built over the last five years."
Milestone
Earlier this year, Flux announced that more than one million customers were using its services in the UK.
The milestone came as COO and co-founder, Veronique Merriam Barbosa, stepped up to become the new CEO.
She took over from Matty Cusden-Ross, who moved into the role of President.
Barbosa said at the time: “More than one million customers is an incredible milestone for Flux, and we are so proud of it.”
“When we set out to disrupt the payments industry by building out a brand new infrastructure to digitise receipts, we knew it would be challenging. We needed to connect big retailers and big banks to buy into our revolutionary proposition – but we made it happen.”
“I’m humbled by the number of people across the country actively choosing to opt in every single month. That validation and adoption motivates and fuels our team in making digital receipts and our additional products a reality.”
She concluded: “Our customer and receipts milestones have now set us up for success as we move forward in scaling our business model and delivering value back to our consumers, banks and retailers. Stay tuned for what’s to come.”
