UK
technology startup Flubit.com has agreed a partnership
with Barclaycard to offer a new type of retail proposition, set to launch later
this year, potentially benefiting thousands of online merchants.
Flubit.com is an online shopping
platform that creates private offers on products that consumers are ready to
buy. It works with a range of independent UK online retailers to create
private, discounted offers without e-tailers having to sacrifice margin or pay
commission. This sees Barclaycard enter into
a significant partnership to use Flubit’s technology platform on its bespoke
offers website later in the year to create private, personalised prices to UK
online shoppers. Barclaycard’s bespoke offers, launched in May 2013, currently
has 1 million active users and Barclaycard has 35 million customers and 300k
merchants, offering significant potential for success and growth.
“This groundbreaking deal will
create a disruptive new e-commerce platform for online retailers. The
combination of Flubit’s technology and Barclaycard’s market presence will
create a force to be reckoned with,” said Bertie Stephens, CEO and a Founder of
Flubit.
Flubit launched in October 2012 and
went on to win the 2013 London Web Summit competitionand is also announcing the closure of the first part of their Series A
investment round, led by Cocoon Wealth, at a valuation of nearly $50m.
“We’re
already seeing conversion rates in excess of 25per
cent on Flubit.com, with 1 in 2 users returning to buy from us within the first
month. So we’re confident that this partnership with Barclaycard,
the world’s leading payment service provider has the potential to transform
e-commerce in the UK for both consumers and retailers.”
David
Herrick, Managing Director of Barclaycard Digital Marketplace sees the value of
the partnership: “Flubit is one of the most exciting new companies in the
e-commerce space right now and its technology will allow us to build on what we
have already created at bespoke offers to give all UK consumers personalised
offers and create significant sales opportunities for UK e-tailers.”
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