UK-based fintech start-up Flux is closing all operations in the country from tomorrow, 14 October, according to an announcement made on its website.
Flux is closing down
In an email update, Flux informed all its users that from 14 October 2022, they “will no longer be able to receive digital receipts or cashback offers” when shopping at Flux retailers. Additionally, it says customers will not be able to redeem their cashback offers today onwards, even if they have already been activated.
“We’re closing the network permanently, which means all data we hold will be deleted,” Flux says in its email update to all users.
“Once we’ve deleted your information, you’ll still be able to see any receipts that have already been generated by Flux in your banking app – that’s because the data is stored on the bank’s servers, not the Flux server.”
Founded in 2016 and headquartered in London, Flux graduated from Barclays’ fintech accelerator programme Rise, a year later. It offered customers a digital receipt management infrastructure as well as an “instant” cashback platform.
Earlier this year, it claimed to have surpassed one million users, generated 11 million digital receipts and paid more than £140,000 to Flux users in cashback.
According to Crunchbase, it raised a total of $9.1 million – including Barclays acquiring a minority stake in the fintech in January 2020 and a $7.5 million Series A fundraise held in 2018.
Some of Flux’s notable partners include Pleo, with whom they worked to develop an “invisible” expensing tool for UK SMEs, and challenger banks Monzo and Starling.
