Cyder, a Toronto-based fintech company, announced a $1.5 million CAD pre-seed funding round from investors including MaRS Investment Accelerator Fund, Desjardins and Aperture Group. The announcement coincides with the launch of its loyalty platform for financial institutions.
Since its founding in 2021, Cyder has improved upon its solution that helps banks ethically obtain real-time data. Today, its platform, Cyder Rewards, takes this function a step further. Cyder helps credit unions build tailored loyalty solutions, enabling them to redeem and issue member rewards, onboard local businesses as loyalty partners and integrate donation features for local charities.
Cyder launched its solution at the Credit Union Tech Forum in Quebec City. Its simple-to-use platform works to help credit unions and merchants easily launch campaigns and ultimately empower credit unions to compete with big banks.
“Credit unions invented loyalty programs through patronage, however, large banks adopted the concept through points programs, gaining massive success,” Sukhman Dulay, co-founder and CEO of Cyder, said in a statement. “It’s time to take it back. Cyder is helping provide a simple, local and affordable rewards program that credit unions of all sizes can easily adapt.”
The company’s pre-seed capital will help Cyder grow and scale its loyalty platform. Its goal is to bring community-centered loyalty programs to Canadian credit unions.
