Receipts be gone

Fintech start-up Flux is ‘on a mission to digitise and organise the world’s receipts.’

The new company, founded by three ex-Revolut employees, including CEO Matty Cusden-Ross, Revolut employee number two, is launching its first pilot this month in East London, partnering with two merchants, EAT and Bel-Air, and Monzo the digital-only banking disruptor.

Flux is keen to sell the environmental, tech and business benefits of fully digitising receipts. As they say, ‘paper receipts are a pain, they are easy to lose, a hassle to keep hold of and a waste of resources.’

By digitising receipt data in real time, Flux wants to give customers more power and transparency over their finances. Merchants will also benefit by unlocking the vast amounts of data locked up in receipts that can be time-consuming to digitise after a transaction has taken place.

What may really take Flux from an interesting idea to a major player is their touted ability to integrate loyalty programmes into their digital offering. By surfacing loyalty within banking and payment apps, Flux can drive customer engagement while also reducing the amount of time and resources companies expend on managing the schemes.

We’ll be keeping a close eye on how Flux’s initial trial goes, and what they’ll do next.