Cheddar is an immediate peer-to-peer repayment and cashback rewards system. It allows you to send cash or request cash from anybody, despite that they deposit with. Cheddar also helps you save money with cashback when you invest at any of our companion resellers.
Cheddar brings the benefits of Open Banking to customers, making it much easier to invest and make money simultaneously. Requesting cash with Cheddar is as very easy as writing a message.
How did the idea for the firm come about?
The business initially set out to create a smooth solution to split group costs such as dining establishment checks, resort and travel costs, and so on.
After that, we changed our emphasis to constructing this repayment solution which required a catchy name. One that appeared in the language and needed to be utilized in the banking/fintech area. We chose Cheddar– an English jargon term for cash that we wish to turn into a verb someday, i.e.,’ Cheddar. Me’ to put it simply, pay me!
How has the company progressed in the last two years?
Throughout the very first lockdown, we started working as well as investigating the business situation. We identified available finances as a modern technology that could power our settlement system and established a very early prototype as evidence of principle.
We initially looked for our FCA permit in December 2020 and have waited a lifetime to receive our FCA approval in July 2021. During this time, we started hiring and building a team remotely and currently have employees in the Netherlands, UK, Spain, and Canada.
As Cheddar advanced, we understood that we could aid consumers in browsing economic uncertainty and inflation with open financial. Our new Cashback function enables individuals to earn approximately 50% when purchasing at their preferred sellers – taking your cash further and conserving you with a few changes to your existing costs routines.
What can we expect from Cheddar in the future?
Cheddar is short-term goal is to release our refund proposal successfully. The medium-term objectives are to expand, broaden the business, and broaden into European markets. Long-Term Cheddar wishes to be the de facto method people pay each other throughout Europe and continue to build on the benefits we offer clients through Open Financial.
We intend to develop a community that directly includes value to consumers. We can accomplish that in 5 years.