UK-based fintech Flux announced on Wednesday it has named UK consumer banking group Barclays its first strategic investment partner. Flux reported that Barclays has been a long-time supporter of its platform and has been involved with the company since 2017 when its executives joined the Barclays Techstars Accelerator Program.
“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. Barclays will not hold a seat on the Board of Directors but will bring a wealth of experience and insight to Flux, and we’re incredibly excited to start this new journey with them.”
In regards to Barclays’ support, the Flux team added:
“Barclays’ investment and deepening of the partnership is a resounding endorsement of our mission to bring receipt data into the 21st century and deliver customers truly personalised experiences, and we can’t wait to see what the rest of 2020 holds for Flux.”
Founded in 2016, Flux is on a mission to “liberate the world’s receipt data” because it believes its insane that everyone still goes from paying with 21st-century technology contactless cards to 100 BC technology of paper receipts as the only way of keeping a record of exactly what we buy in brick and mortar stores.