Cheddar re-launches loyalty app with instant consumer savings in the UK

By Gloria Mathias

Cheddar, a bank-powered rewards app in the UK, has re-launched its loyalty app to become the essential financial companion for Brits in the spiralling cost of living crisis.

Cheddar 2.0 is packed with various tools for consumers to regain control of their finances and make their money go further. Features include cashback immediately landing in the user’s bank account with no clunky experiences and wait times and receiving recommendations based on spending patterns.

Available to UK residents nationwide, the new app ensures consumers never pay full price again by linking their bank accounts and credit cards to access saving solutions relevant to their spending. New rewards are available on the app at higher return rates from 150+ retail giants such as Amazon, ASDA, and Costa, so consumers can make abundant savings on essential spending like groceries and fuel.

The benefits don’t stop with saving and cashback. Cheddar 2.0 also gives consumers the power to split bills easily with anyone, removing the need for conversations and exchanging bank details. A new cash bonus referral feature has also been launched, to quickly introduce others to effective ways to save.

The app is defining a new era for loyalty and rewards by leveraging Open Banking data and interpreting user spending habits to reach the most relevant consumers. This spending information, combined with Cheddar 2.0’s strategic brand placement – ensures key partners are kept firmly in the spotlight. These functionalities mean brands of all sizes can reach high-value new and existing customers and drive loyalty to maximise revenue.

Luke Ladyman, COO and Co-Founder at Cheddar said, “With the cost-of-living crisis eroding consumer purchasing power, people need a financial companion to help them spend smarter. Our new app harnesses the benefits of open banking infrastructure and the latest artificial intelligence. Consumers are empowered to use their spending data to strengthen their finances by accessing instant savings almost every time they shop. We look forward to accelerating our reach across the UK as we extend our partner base to become the UK’s number one and most innovative personal finance app.”