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Rewards app loyalBe shuts down consumer operations

Rewards app loyalBe shuts down consumer operations

Open banking loyalty app, loyalBe, is to shut down its consumer service and pivot the business to focus on the B2B sector.

The Belfast-based firm is to transfer its user base to consumer rewards and payments app Cheddar.

"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," says 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."

He says detailed instructions on how to transfer rewards to Cheddar will be shared with loyalBe users via email and in-app notifications.

The company last raised £1 million in April 2021 to extend its business into the Irish market.

The size of loyalBe's user base has not been disclosed.

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