Flux (digital-receipts-to-bank) app is shutting down

#1

Post by cbeach » Wed, Oct 12, 2022, 4:49 PM UTC

Flux just emailed to say they’re shutting down. The app was an interesting concept, integrating retailers and banks so digital receipts could be viewed against transactions in banking apps.

The sad news comes just months after their CEO was replaced with Veronique Barbosa, who stated at the time: “Less than 5.6% of fintech CEOs are women, globally. That's insane. I'm proud to nudge that statistic forward in the right direction and to have a strong team of diverse leaders around me within Flux helping to do the much needed rebalancing around these stats."

Re: Flux (digital-receipts-to-bank) app is shutting down

#2

Post by wjdp » Thu, Oct 13, 2022, 1:52 AM UTC

Shame, used it a few times when they had a Monzo integration. Was really neat having a receipt show up in a banking app, despite the limited merchant support. Seems that went away a while ago.

This idea has fantastic utility but needs an awful lot of work to get running. AFAIK every merchant needed an integration in their point-of-sale system.

To pay for that I assume they were selling lots of data, something which makes it then less attractive from a consumer point of view. I wonder how much they could do / get away with without active consent.

Re: Flux (digital-receipts-to-bank) app is shutting down

#3

Post by t31 » Thu, Oct 13, 2022, 4:30 AM UTC

Was a cool premise but the opt in nature combined with the limited retailers meant it was unlikely to get traction, especially when a lot of people just aren't that interested in a reciept anyway.

It could have had cool usage around bill splitting or expenses perhaps but without being owned by a bank or big payment processor (Square might have made sense given their POS side) it wasn't going to move.

Oh well, least I got a free takeaway out of one of their offers.