Cheddar partners with loyalBe’s rewards platform for a B2B offering, focusing on hyper-personalized client offers and seamless cashback integration.
The open banking consumer rewards and payments app Cheddar, located in the UK, has teamed with loyalBe, an embedded rewards platform powered by payment data, to shift its strategic focus to its new B2B offering.
As part of this transition, loyalBe will discontinue its consumer app and give its users the option to transfer their remaining balances to Cheddar as a result of the new collaboration. The UK-based company stated that it wants to provide prospective, lapsed, and current clients with “hyper-personalized” offers.
With loyalBe’s new B2B offering, businesses will also be able to incorporate frictionless cashback offers from leading brands more simply into their current offerings. According to the embedded rewards platform, businesses may also anticipate increased client retention rates and additional revenue streams. Through its new B2B offering, loyalBe already boasts a reach of over 500,000 consumers.
Cheddar accomplishes this by utilizing consumer purchasing patterns, which increases partner income, retention, and customer loyalty.
CEO of loyalBe Cormac Quinn provided the following justification for the choice to change the company’s focus: We carefully considered our market situation and possibilities for long-term growth before deciding to shift our attention to our B2B proposition.
We sincerely believe that this strategy change will help us to better serve our business partners and contribute considerably to the democratization of frictionless rewards programs in the market.
The company’s mission and customer-focused approach exactly match our own, and Quin continued, “As we embark on this new journey, we are delighted to partner with Cheddar.”
‘Aiding everyone to earn more and save more’
The company’s enthusiasm for the alliance was also expressed by Luke Ladyman, COO of Cheddar, who said: “We see this as a unique opportunity to further enrich our platform and community with the addition of their vibrant user base that’s already very aware of the huge benefits and value open banking can deliver.
“Both our consumer and commercial sides continue to grow month over month, and this most recent addition will also increase our footprint in Northern Ireland. Being the top source for frictionless consumer rewards in the UK, this strategic relationship represents a big step in the right direction for our aim of assisting everyone in saving and earning more.
Detailed instructions on how to transfer rewards to Cheddar will be sent to loyalBe users via email and in-app alerts.