Embedded rewards platform loyalBe has partnered with UK-based Open Banking customer rewards app Cheddar to facilitate loyalBe’s user base transition. Following this partnership, loyalBe aims to focus on its B2B propositions, which were designed to offer businesses the possibility to integrate frictionless cashback capabilities from multiple companies into their already existing suite of products, in an efficient and secure manner.

Moreover, firms will benefit from new revenue streams and improved client retention rates as well. Throughout the deal, Cheddar will continue to provide customer rewards experiences to loyalBe’s user community, focusing on meeting their needs and preferences, while remaining compliant to the requirements and laws of the industry. More information about the partnership In addition, loyalBe customers will be enabled to transfer their balances to the Cheddar application.

By delivering personalised offers within the close environment of their user application, Cheddar will focus on targeting new, lapsed, as well as existing clients for its extensive B2B partners. Cheddar is set to leverage spending behaviors for users, which aims to drive loyalty, retention, and revenue for all collaborators and partners. Cheddar will also use loyalBe’s expertise and suite of solutions in order to expand its footprint within multiple regions in Northern Ireland, while improving the manner in which customers and clients manage their money, as well as their savings and financial balance.

Customers of loyalBe will receive detailed instructions on how to transfer rewards to Cheddar by email and by the notifications that will be received within the application. Cheddar’s strategy of development UK-based cashback and payments application that leverages Open Banking technology to provide customers and businesses with a frictionless experience, Cheddar had multiple collaborations and product launches in the last couple of months, covering different geographical areas around the world. The company announced in March 2023 that two new fashion labels, Tommy Hilfiger and Calvin Klein, joined its platform. By launching their products on the application’s cashback platform, the two stores were set to offer Cheddar users and customers cashback on any online purchase they made.

Furthermore, clients of Cheddar needed to earn up to 10% cashback on purchases that were made in the online stores, with the cashback being available in its app’s balance within 30 days. App clients had the possibility to redeem the cashback at any time and deposit it directly into their linked bank account. Earlier in February 2023, Cheddar partnered with food delivery brand Just Eat to provide cashback on any order made through the brand.

The collaboration focused on offering Cheddar customers the capability of earning up to 4% cashback on every purchase made through Just Eat, while the sum was available in the app’s balance for 7 days. .