Embedded rewards platform powered by payment data loyalBe has partnered with Cheddar, the UK-based open banking consumer rewards and payments app, to transition its strategic focus to its new B2B proposition.
As part of this transition, loyalBe will shut down its consumer app, with the new partnership seeing its users offered the opportunity to transfer their balances to Cheddar. The UK-based firm explained that it aims to deliver “hyper-personalised” offers to new, lapsed and existing customers.
Businesses will also be able to integrate frictionless cashback offers from top brands into their existing products more easily with loyalBe’s new B2B proposition. Businesses can also expect new revenue streams and improved customer retention rates, according to the embedded rewards platform. loyalBe already boasts a reach of over 500,000 consumers through its new B2B product.
Cheddar is able to achieve this by utilising the spending behaviours of consumers, which results in increased loyalty, retention and revenue for all partners.
Cormac Quinn, CEO of loyalBe, explained the decision to shift the company’s focus: “Our decision to pivot our focus towards our B2B proposition comes after a thorough evaluation of our market positioning and long-term growth potential.
“We firmly believe that this strategic shift will enable us to better serve our partnering businesses and contribute more significantly to the democratisation of frictionless rewards programmes in the marketplace.”
Quin added: “As we embark on this new journey, we are delighted to partner with Cheddar, an organisation whose vision and customer-focused approach align perfectly with our own.”
‘Helping everyone save and earn more’
Luke Ladyman, COO of Cheddar, also revealed the company’s excitement regarding the partnership, commenting: “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 merchant and consumer sides of the business continue to expand monthly and this latest addition will also expand our footprint within Northern Ireland. This strategic partnership represents a significant step towards our mission of helping everyone save and earn more, being the go-to destination for frictionless consumer rewards in the UK.”
loyalBe users will receive detailed instructions on how to transfer rewards to Cheddar via email and in-app notifications.