Cyder, an enterprise-wide loyalty platform for financial institutions, has secured $3.0 million in new funding. The company specializes in managing all member incentives and reward programs across everyday banking. Cyder centralizes every member incentive across checking, savings, cards, and digital banking, enabling teams to operate more efficiently with comprehensive control and clear return on investment.
The platform provides a single control plane for rewards, offers, and benefits across various channels, allowing for instant configuration of eligibility, earn, and redemption rules. It also streamlines merchant partnerships and program management. Financial institutions utilize Cyder to significantly reduce the time required to launch offers, moving from weeks to minutes, while also aiming to increase account activity, member retention, and deposits. This approach helps lower the manual operational load for marketing and product teams.
This capital infusion underscores investor confidence in Cyder's mission to help credit unions drive change through their cooperative values. The company plans to use the $3.0 million to accelerate its growth initiatives. These plans include further enhancing its platform capabilities, expanding its team, and scaling its market presence to serve more financial institutions.
Cyder is built specifically for financial institutions, integrating with leading cores, card processors, and digital banking systems, with security and compliance features like SOC 2 built-in. The company remains focused on its core mission of empowering credit unions with robust tools to improve member engagement and operational efficiency.
