Ash Dey: From Chemistry to Cashback with Lux Rewards

After earning his Master’s from the University of York in 2011, Ash transitioned from chemical engineering to founding Lux Rewards, a loyalty scheme that evolved into a major fintech player. Recently acquired in an eight-figure deal, Lux Rewards now serves over 105 million cardholders worldwide. We spoke to Ash about his journey from Chemistry graduate to fintech entrepreneur.

“When I graduated from the University of York in 2011 with a Master’s in Chemistry, I never imagined I’d end up leading a company in the fintech space, let alone selling it in an eight-figure acquisition. My path has been anything but conventional – one that’s taken me from process engineering in Beijing to launching a workplace wellbeing platform and, ultimately, transforming Lux Rewards (a loyalty scheme which partners with banks, airlines and employee benefit platforms to serve over 105 million cardholders across the world) into a major player in the loyalty industry. Looking back, it’s been a rollercoaster of resilience, pivots, and bold decisions.

After university, I took an unexpected detour and moved to Beijing. Initially, I worked in chemical process optimisation, but my time there was short-lived. A few months in, my Managing Director told me, “Ash, you’re too good for this place – here’s a year’s salary, go and travel.” So, I did. I backpacked across India and Nepal, trekking through the Himalayas and soaking up new experiences, all while job hunting in a completely different industry – tech operations and consulting.

Eventually, I landed a role at Accenture, moving into process automation and operations. It was a high-pressure environment, and I found myself burning out quickly. That’s when my focus shifted to workplace wellbeing. I started a grassroots mental health and wellbeing initiative within Accenture, which soon grew into a fully-fledged external business. By 2018, I had left consulting to develop a tech platform designed to help businesses deliver live wellbeing programmes, complete with analytics and engagement tracking.

My parents, who emigrated from Bangladesh and worked tirelessly to provide for our family, always believed in hard work, but they didn’t quite understand what I did for a living. To them, leaving a stable career in consulting to build a startup seemed risky. 

When I first decided to leave my stable career and start a business, I had to ask my girlfriend, who I had been dating for just six months, for support. We met on Hinge, and I remember having the conversation: “Will you back me financially while I get this off the ground?” Incredibly, she said yes. That leap of faith meant everything. Now, she’s my wife, and looking back, I realise how much that support gave me the confidence to push forward, even when things looked uncertain.

Then, COVID-19 hit. Almost overnight, the demand for in-person workplace wellbeing initiatives vanished, and the business took a massive financial hit. Around the same time, I crossed paths with James Courtney, the founder of Lux Rewards, during NatWest’s accelerator programme. James’ business – a restaurant loyalty app – had also been crippled by the pandemic, with revenue dropping to zero as hospitality venues shut down.

“That was the real turning point for Lux Rewards. We pivoted from a consumer-focused model to a B2B solution, partnering with banks and enterprises.”

We realised we were both facing the same problem: sustainability. James struggled to acquire users at scale, while I struggled to get businesses to invest in wellbeing. Over endless brainstorming sessions, we came up with a game-changing solution: what if we linked corporate spending with cashback rewards, using a portion of those rewards to fund employee wellbeing programmes at no extra cost to businesses? It didn’t need to cost them a penny. All they had to do is link their corporate cards when they were doing any entertainment for clients or team days out, spending in these venues, they could get 10% in cash back, which would then go into funding wellbeing programmes for their employees.

We merged our companies in 2021, and I joined as co-founder. That was the real turning point for Lux Rewards. We pivoted from a consumer-focused model to a B2B solution, partnering with banks and enterprises. The shift was risky, but it worked. We secured major deals with British Airways and Mastercard, and by 2024, we had driven over £100 million in spending to our partner brands.

We nearly shut down – twice. Revenue plummeted, external events disrupted our growth, and the financial pressure was intense. But we persisted by constantly listening to market feedback, testing new ideas before fully pivoting, and being bold enough to have conversations with potential partners. It’s how we ended up securing contracts with major banks and expanding our reach to millions of customers.

“My biggest advice is simple: network, ask for help, and don’t be afraid to take risks.“

When I first joined Lux Rewards, everything was manually tracked in an Excel spreadsheet. Coming from a process automation background, I knew we needed to build a scalable infrastructure. I led the development of an automated system that allowed merchants to track transactions in real-time, making the platform far more efficient and attractive to large partners. That operational shift was crucial. By focusing on seamless integration, we made it easy for banks and corporate clients to onboard Lux Rewards. Instead of spending millions acquiring individual users, we leveraged existing customer bases from financial institutions. That was a breakthrough moment; the kind of strategic pivot that takes a struggling startup and turns it into a multi-million-pound business.

Earlier this year, Lux Rewards was acquired by Enigmatic Smile, a global leader in the loyalty tech space, with a vision of powering one billion payment cards worldwide. For us, this wasn’t just about financial success – it was about joining forces with a company that could take our vision further than we could alone.

One of the biggest lessons I’ve learned through this journey is the importance of having a strong team. Before merging with Lux, I was running my business solo. James was also on his own. Founding a startup is tough, and the mental health challenges for entrepreneurs are real. But when we came together, bringing our complementary skills in operations, sales, and strategy – we created something much stronger than any of us could have built alone.

Despite the acquisition, I’m still deeply involved with Lux Rewards, ensuring its continued growth under new ownership. Enigmatic Smile has ambitious plans, and I’m excited to be part of their journey as they scale globally. But beyond that, I know this won’t be my last venture. The process of building, problem-solving, and innovating is what drives me.

For students or recent graduates considering entrepreneurship, my biggest advice is simple: network, ask for help, and don’t be afraid to take risks. So many of the opportunities that shaped my career came from conversations with people I met at university, accelerator programmes, or even in passing at events. And while the path isn’t always linear, the key is to stay adaptable because the best opportunities often come from the most unexpected places.”