In a Nutshell: Flux is a UK.-based startup that permits shoppers to hyperlink a financial institution card to its software program and obtain digital buy receipts on to their banking app. When a person outlets at a partnered service provider utilizing the linked card, the receipt knowledge from all transactions mechanically transfers to the person’s checking account, the place it neatly shows inside their account historical past. Customers also can hyperlink loyalty or rewards program accounts to immediately accrue factors with each buy.
They litter our automobiles, our wallets, and make an disagreeable mess within the washer when left in pockets. They’re by no means round once you want them, however all the time there once you don’t. And but, receipts are a key part to each buy we make.
Most individuals don’t put a lot thought into the data printed on the receipt they obtain from their favourite espresso store or dwelling items retailer. They both crumple the paper up or toss it within the nearest trash bin. However when it comes time to stability the checkbook, add factors to your loyalty accounts, or return an merchandise, that receipt turns into way more priceless.
Flux understands how vital receipts are — but in addition how annoying they are often. That’s why the UK. startup created a service that hyperlinks your financial institution card to the purpose of sale methods of many widespread retailers.
Everytime you swipe, faucet, or insert your card to make a purchase order, the receipt knowledge from the sale transfers to your banking app. So, as a substitute of merely exhibiting the acquisition quantity for the transaction, customers can increase that knowledge and get the entire info usually discovered on a receipt.
This might help shoppers not solely monitor and perceive their spending habits, however it may additionally hyperlink to a number of widespread retail loyalty applications, permitting its customers to skip the necessity to individually swipe a service provider’s loyalty card (and even preserve it of their pockets).
“We want to make receipt data accessible and standardized globally,” stated Roisin Levine, Head of Banks at Flux. “Receipts have interesting and unusual information for consumers and for merchants — but they’re often just a piece of paper that gets thrown away.”
Digitizing receipt info might help shoppers take management of their spending and reclaim their very own shopping for energy, stated Levine, who was named a ‘Rising Star’ within the 2019 Girls in Fintech Powerlist by Innovate Finance.
“Consumers can use this data to truly customize their banking experience,” she stated. “Retailers use the data to help them serve consumers with more relevant offers to what they like and enjoy.”
Flux presently companions with three main banks — Starling, Monzo, and UK. powerhouse Barclays. Shoppers who’ve accounts with these banks can choose into the service by linking their banking card to a Flux account.
As soon as executed, partnered retailers mechanically ship digital receipt knowledge on to the person’s banking app for protected storage and straightforward recall. If the service provider offers a frequent purchaser or loyalty program, it’s also possible to hyperlink your card to that account to mechanically earn factors.
“This helps you get rid of all of the excessive little plastic cards in your wallet that you don’t really need,” Levine stated of loyalty playing cards. “You don’t need to remember to bring them out or swipe them when you’re at the register, either.”
By storing and sharing this knowledge, shoppers not solely enhance their monetary group, however they’ll additionally assist make it simpler for retailers to grasp their shopping for habits.
Whereas receipts present floor knowledge, resembling a shopper’s curiosity in a sure espresso store, it additionally exhibits the precise taste of espresso or different objects the person purchases after they go to that espresso store.
This info helps the service provider present extra related provides. As an alternative of getting a coupon for an merchandise they received’t buy, Flux customers who join their loyalty applications to the software program might obtain provides for his or her favourite objects — which saves them cash and helps the service provider construct model loyalty.
Whereas Flux advantages shoppers, banks, and retailers alike, the startup understands that its service will solely thrive if it diligently protects the monetary knowledge it transmits between the three events in a transaction.
That’s why the corporate makes use of bank-level know-how to safe its service and defend everybody concerned. This contains ISO/IEC 27001:2013 commonplace and Cyber Necessities Plus certifications.
“We were one of the very first AISP (Account Information for Service Provider) for mobile banking in the UK.,” Levine stated. “We take our security standards very seriously. But even more so, we believe the most important thing is to remain transparent with consumers about what’s happening.”
Flux focuses on offering a transparent and concise breakdown of what customers comply with after they opt-in to the service by way of its cellular utility. The corporate by no means shares person info with out permission.
“There has to be a level of trust if a consumer wants to use our service,” Levine stated. “It’s great if a customer is happy to share that information. But it’s also super easy for them to opt-out of the service if they later decide they no longer want to share it.”
Whereas Flux has made nice headway in its early levels as an organization, the staff behind the groundbreaking know-how doesn’t wish to depend on its present success. As an alternative, the startup has plans for aggressive enlargement that features including extra banks and retail companions, in addition to a bigger service space that can ultimately span the globe.
“Our service only really works if it’s integrated on a very large scale,” Levine stated. “Ultimately, we want to work with all of the top merchants in the UK. and abroad. We also want to be live and available within every top banking app in the country.”
To fulfill that purpose, the Flux staff is presently negotiating a number of partnerships that can develop the product with out watering down the extent of service that clients have come to count on.
“We’re planning some very big merchant announcements within the next six months,” Levine stated. “Not only will it include some really big names, but we’re also going to diversify our categories.”
Presently, the Flux app largely focuses on quick meals or grab-and-go eating places that buyers frequent. The enlargement will add extra life-style classes that can embody housewares, style, and extra.
“We also want to expand our partnerships on the banking side,” Levine stated. “That means working with more banks, but also working with different areas.”
To that finish, Flux lately introduced a partnership with Danish Fintech Pleo to create the UK.’s first paperless and absolutely automated expensing resolution for companies and workers.
The transfer intends to not solely broaden Flux’s footprint within the receipt digitizing house, however it should additionally present a possibility to check the corporate’s software program earlier than it provides extra retailers and banks to the consumer-facing aspect.