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 personalized 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. Integration is already underway, with the first services of this kind to be available to Cheddar’s customers later this year. Founded in 2020 by Luke Ladyman and Tariq Zaid, Cheddar is authorised and regulated by the Financial Conduct Authority (FCA).