Desjardins backs Cyder

Toronto-based startup Cyder has raised $1.06 million in pre-seed funding to develop and pilot a loyalty platform tailored for Canadian credit unions. The funding round included contributions from MaRS Investment Accelerator Fund, Aperture Group, and Desjardins.

Founded in 2021, Cyder is a team of nine that offers an end-to-end loyalty platform specifically for credit unions. The platform enables credit unions to create, manage, and integrate white-labeled rewards programs into everyday banking. It connects credit union data streams to issue points for banking activities, allows local merchants to join and offer rewards, and lets members redeem points to support local causes. The user-friendly dashboard simplifies the process of launching and managing loyalty campaigns, promoting local engagement and community impact.

Cyder initially focused on helping banks analyze loyalty data but pivoted after recognizing the unmet needs of credit unions in the loyalty space.