Tech Talk

When three former employees of Revolut founded Flux in 2016, the mission was clear: build a platform to bridge the gap between the itemised receipt data captured by a merchant’s point-of-sale (POS) system and what little information typically shows up in your bank statement or mobile banking app.

Off the back of this, the young fintech saw an opportunity to power loyalty schemes and card-linked offers, and provide merchants with deeper analytics. However, that was always intended to be just the start.

Once Flux had made fully itemised digital receipts a reality — which requires bank and merchant partnerships — it foresaw that there were a multitude of other use cases where automated digital receipts could be useful, including expense reports.

Today, that particular use case comes into focus with the announcement that Flux has partnered with Danish fintech Pleo, the “business spending platform” that lets companies easily issue employees with cards and help them manage expenditure.

The tie-in will provide what the two fintechs are describing as the U.K.’s first “paperless” and fully automated expensing solution for businesses and employees. This will see digital receipts automatically generated and, crucially, reconciled within Pleo’s expensing software.

Once activated — and presuming you are a user of both services — Flux will send real-time, itemised digital receipts direct to Pleo when cardholders shop online or in-store at Flux-supported retailers using a Pleo card. The process is described as automatic and invisible to the end-user.

Unlike other solutions, Flux does not require photos, QR codes or any use of OCR (optical character Rrecognition) technology to generate and deliver its digital receipts. “Pleo users will not need to photograph a paper receipt or upload an email,” say the two companies.

In other words, Flux is a fully digital solution — even if it is only as useful as the merchants it is supported by. They currently include Just Eat, chuh, KFC, itsu, Pure, Giraffe, Ed’s Easy Diner, Japan Centre and Sakagura, with several more retailers due to be announced this year. On the banking side, alongside Pleo, Flux has integrations with Barclays Launchpad, Monzo and Starling Bank.

Cue statement from Roisin Levine, Head of Banks at Flux: “Here at Flux we’re passionate about improving the experience for our customers. Expensing is a natural partnership for us as a digital receipts company – we’ve all experienced the pain of trying to manage expenses and reconcile accounts! We’re incredibly excited to be working with Pleo to bring the U.K. its first fully-automated, invisible expensing solution, and we look forward to rolling this out by Q4 2020 to the 7,000 companies using Pleo in the U.K.”