Barclays has expanded its relationship with Flux by acquiring a stake in the digital receipts startup.
The UK-headquartered bank is Flux’s first strategic investment partner, and follows its participation in Barclays Accelerator, powered by Techstars in 2017.
Flux, available to customers of Starling Bank and Monzo in the UK, issues digital receipts to users when they make purchases from participating retailers, which currently include KFC and Just Eat.
Barclays will not hold a seat on the startup’s board of directors following the investment, but will “bring a wealth of experience and insight”, according to an announcement. It also confirmed that it has been in extensive testing in the Launchpad environment of the Barclays Mobile App over the past year.
“We’re thrilled to introduce Barclays as our first strategic investment partner,” Flux said in the announcement. “Here at Flux, we believe in democratising data and working together to facilitate communication and cooperation between retailers, banks, and customers. We also want to apply this policy of inclusiveness to the way that we build our company, and Barclays is the first of a group of select strategic partners that will help us take Flux across the UK and beyond.”
The investment follows Barclays partnering with fintech Nimbla to offer flexible invoice insurance to small- and medium-sized entities.
Like Flux, Nimbla is a graduate of Barclays Accelerator, powered by Techstars.