Upside built intelligent cashback as an API, letting fintechs and consumer apps offer their users personalised cashback by using Open Banking transaction data to hyper-target retail offers. Rather than selling direct to consumers, Upside licensed its cashback engine to other platforms, turning loyalty and rewards into an embeddable product.
In February 2022, London payments platform Cheddar acquired Upside to bring Open Banking-powered cashback in-house and accelerate its own payments roadmap, folding Upside's technology and team into Cheddar.
