Payment platform Cheddar acquires Upside in open banking move
UK-based paytech Cheddar has acquired a fellow start-up, Upside.
Cheddar operates as a bank account-enabled mobile payments platform that is free for consumers to use.
Upside’s product – an open banking-enabled, hyper-targeted marketing platform which connects retail brands with consumers by offering personalised cashback – will be added to Cheddar’s free payment offering.
“Having identified synergies between Upside’s technology and its own platform, Cheddar will use the technology to complete the picture of the payments process for consumers,” Cheddar says.
Integration is already underway, with the first services of this kind to be available to Cheddar’s customers later this year.
“We are making payments better for everyone, creating an ecosystem independent of legacy cards and rules,” the company says.
Founded in 2020 by Luke Ladyman and Tariq Zaid, Cheddar is authorised and regulated by the Financial Conduct Authority (FCA).