Cheddar, a bank transfer platform powering payments, has acquired open banking technology firm Upside Saving.

Upside’s hyper-targeted marketing platform connects retail brands with consumers by offering personalised cashback. 

London-based Cheddar operates as a bank account-enabled payments platform which is free for consumers to use. It aims to solve inefficiencies in the payment chain for small businesses and consumers. 

It says it will use Upside’s technology to complete the picture of the payments process for consumers. 

“We believe this will add substantial value for our customers whilst also complementing our other services and operations,” said Tariq Zaid (pictured), Cheddar CEO and founder. 

“We look forward to exploring these new open banking opportunities to enhance our customer offering.

“Consumer desires are at the heart of what Cheddar hopes to achieve and because of this we always want to stay at the forefront of innovation to ensure we’re offering our customers the very best in digital finance services.”

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