By Steve O’Hear
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 …read more
Source: Tech Crunch