Digital receipts startup Flux is shutting down its community within the UK simply months after trumpeting spectacular development and consumer stats.
Based in 2016, Flux was accepted on Barclays London-based fintech accelerator programme, Rise, and graduated in 2017 after proving the product’s viability for each retailers and customers.
Barclays took a minority stake within the agency in January 2020. The startup was additionally the primary fintech to hitch Starling Financial institution’s Market platform.
Prospects linked to the app obtain digital receipts and loyalty coupons from retailers signed up for the service, together with manufacturers like Pure, Costa Espresso, EAT., submit and itsu.
The Flux Web site has now reverted to a holding web page bearing the strapline “Thanks and goodbye”
A press release reads: “It’s with disappointment that we announce that from Friday 14th October 2022, we’ll be closing the Flux community within the UK. Because of this, from Friday, you may now not be capable of obtain digital receipts or cashback affords if you store at Flux retailers. We’re pleased with what our group has achieved and the unimaginable community of outlets, banks and customers that we have now constructed during the last 5 years.”
In February, the agency introduced that that a couple of million clients have been utilizing its companies within the UK. Flux was additionally claiming 12% monoth-on-month development, with a mean of 36,000 clients becoming a member of the digital receipts community each month.
On the time Veronique Merriam Barbosa, CEO and co-founder of Flux, stated: “Our buyer and receipts milestones have now set us up for fulfillment as we transfer ahead in scaling Flux’s enterprise mannequin and delivering worth again to our customers, banks and retailers. Keep tuned for what’s to come back!”