Monzo teams up with Flux to add itemised receipts and loyalty points

Jan 28, 2019 · techcrunch.com

Monzo, the U.K. challenger bank that now boasts 1.5 million current account customers, has partnered with fintech startup Flux to bring itemised receipts and loyalty points to its banking app.

Due to be officially unveiled at a joint event in London on Wednesday, the new functionality means that if you’re a customer of Monzo — and once you’ve opted in — Flux will deliver digital receipts, rewards and loyalty to the Monzo app in real-time, whenever you spend at a Flux partner merchant. Currently this includes EAT, Costa Coffee (announced but not yet live), itsu, pod, and pure, while I understand a number of other major merchants are in the pipeline and could be announced quite soon.

In the long-term, Flux wants to become the proprietary technology platform for the interchange of item-level digital receipt data, but has always faced a chicken and egg problem: It needs bank integrations to sign up merchants and it needs merchant integrations to sign up banks. As I wrote when the company raised its Series A in December, cracking this problem has clearly started to gather momentum.

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