When 3 previous employees of Revolut founded Flux in 2016, the objective was clear: develop a platform to bridge the space in between the itemised receipt data captured by a merchant’s point-of-sale( POS) system and what little info usually shows up in your bank statement or mobile banking app. Off the back of this, the young fintech saw a chance to
power loyalty schemes and card-linked offers, and offer merchants with deeper analytics. However, that was always planned to be simply the start. Once Flux had made completely itemised digital receipts a truth– which needs bank and merchant partnerships– it visualized that there were a wide range of other usage cases where automated digital receipts might be beneficial, including expense reports. Today, that specific usage case enters focus with the statement that Flux has actually partnered with Danish fintech Pleo, the” company spending platform”that lets companies quickly issue employees with cards and assist them handle expense. The tie-in will provide what the 2 fintechs are referring to as the U.K.’s very first “paperless”and completely automated expensing solution for employees and companies.
This will see digital invoices immediately created and, crucially, reconciled within Pleo’s expensing software application. As soon as triggered– and presuming you are a user of both services– Flux will send real-time, itemised digital invoices direct to Pleo when cardholders shop online or in-store at Flux-supported
retailers utilizing a Pleo card. The procedure is described as automated and invisible to the end-user. Unlike other solutions, Flux does not require images, QR codes or any use of OCR( optical character Rrecognition)innovation to generate and provide its digital invoices.” Pleo users will not need to photograph a paper receipt or submit an
e-mail, “say the 2 companies. Simply put, Flux is a completely digital option– even if it is just as beneficial as the merchants it is supported by. They presently include Simply Consume, chuh, KFC, itsu, Pure, Giraffe, Ed’s Easy Restaurant, Japan Centre and Sakagura,
with numerous more sellers due to be announced this year. On the banking side, along with Pleo, Flux has combinations with Barclays Launchpad, Monzo and Starling Bank. Cue declaration from Roisin Levine, Head of Banks at Flux:”Here at Flux we’re enthusiastic about improving the experience for our clients. Expensing is a natural partnership for us as a digital invoices company– we have actually all experienced the discomfort of trying to
handle expenditures and fix up accounts! We’re incredibly excited to be dealing with Pleo to bring the U.K. its very first fully-automated, unnoticeable expensing solution, and we eagerly anticipate rolling this out by Q4 2020 to the 7,000 business utilizing Pleo in the U.K.”Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.