London-Based Fintech Firm Launches UK-Wide Partnership With Itsu

Photo by Spitalfields_E1 via Flickr

Flux, a London-based fintech firm, will launch a UK-wide deal with Itsu, a sushi chain, that could see its users receive nutritional information that will be sent straight to their phones.

The firm continues to sign new partnerships in an attempt to solve its ‘chicken and egg’ problem. That is, it is in need of bank integrations to sign up merchants and it requires merchant integrations in order to sign up banks.

Starting today, the users who have opted in with the banking partners of Flux will be able to receive an itemised digital receipt inside their banking app whenever they pay using their card at any of the 72 stores of Itsu across the United Kingdom.

The Flux platform aims to bridge the gap between the itemised receipt information that is captured by a point-of-sale (POS) system of a merchant and what little information usually shows up on a user’s bank statement or mobile banking app.

The test run will include Itsu among the ranks of the other retail partnerships of Flux, which already includes Eat, Pod, and Costa Coffee, who are also testing the other products from the fintech startup including its cashback offers and digital rewards.

Also, in addition to receipts, Itsu will take on the Blueberry platform of Flux. It is a dashboard for retailers that will be able to track anonymised consumer buying behaviour including the identification of the products that are selling best and the demographics of the individual customers.

The said deal is open to the customers of Barclays via Launchpad, its early-adopter platform. It is also open to the customer of Monzo and Starling Bank in a closed-pilot scheme.

Matty Cusden-Ross, the co-founder and chief executive of Flux, said: “We see Itsu as a natural partner for being the first retailer to trial solely Flux’s paperless receipt product.”  He was formerly an early employee at Revolut.

He added: “We look forward to building exciting products for our mutual customers from paperless receipts, such as easy access to nutritional information.”