In a move to streamline its business model, loyalBe, an embedded rewards platform powered by payment data, is excited to announce that it has decided to refine its strategic focus on its B2B proposition. As part of this transition, loyalBe will be shutting down its consumer app and enter a strategic partnership with Cheddar, the UK’s largest open banking consumer rewards and payments app, to facilitate a seamless transition for loyalBe's dedicated user base.

loyalBe’s new B2B proposition enables businesses to integrate frictionless cashback offers from top brands into their existing products with ease. In addition to delivering more value to their customers, such businesses can expect new revenue streams and improved customer retention rates. loyalBe already has a reach of over 500,000 consumers through its new B2B product.

"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 have always been driven by our mission to provide every merchant with a powerful tool to help them attract and retain the best customers," said loyalBe's CEO, Cormac Quinn. "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."

With this partnership, loyalBe users will be given the opportunity to transfer their balances to Cheddar. Delivering hyper personalised offers within the closed environment of their consumer app, Cheddar targets new, lapsed and existing customers for its extensive B2B partners, utilising spending behaviors of consumers, driving loyalty, retention and revenue for all partners. This exciting new arrangement will see Cheddar continue to provide exceptional customer rewards experiences to loyalBe's expansive user community.

"As we embark on this new journey, we are delighted to partner with Cheddar, an organisation whose vision and customer-focused approach aligns perfectly with our own," added the CEO of loyalBe. "Cheddar's innovative approach to payments and rewards sets the industry benchmark, and we're confident that our users will continue to enjoy a seamless and rewarding experience with them."

Cheddar, too, is enthusiastic about the partnership. COO Luke Ladyman commented, "We are thrilled to welcome loyalBe users to Cheddar. 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."

Detailed instructions on how to transfer rewards to Cheddar will be shared with LoyalBe users via email and in-app notifications.