Cyder Raises New Strategic Round Led by Conexus Venture Capital as Credit Unions Double Down on Modern Loyalty
The fintech backed by credit unions is modernizing rewards and rebuilding member belonging in the digital age.
TORONTO, ON [January 27, 2026] – Cyder, the fintech redefining loyalty for credit unions, announced today that it has oversubscribed its latest strategic financing round. The round was led by Conexus Venture Capital, a fund backed by major credit unions across Canada, with additional participation from MaRS IAF, Graphite Ventures, and Sprout Fund. The strong participation underscores the industry’s growing commitment to modernising member engagement.
This $3MM oversubscribed round comes less than one year after Cyder’s previous funding announcement and follows a surge in platform demand. Today, Cyder represents more than 1.5 million members across North America, with credit unions across both rural and urban markets already launching or preparing to launch modern loyalty programs built on the Cyder platform.
As competition in financial services intensifies and member expectations rise, loyalty has become a strategic priority for credit unions looking to retain and deepen relationships with both long-standing members and the next generation of digital-first consumers. With 100+ reward behaviours enabled, the acceleration reflects a broader shift: loyalty is moving from a marketing tactic to a core member-experience pillar. Historically, credit unions lacked the technology to compete in this space—Cyder now makes it possible.
"Loyalty is more important now than ever and there is a massive opportunity in this space as it relates to credit unions. Will, Sukhman and the rest of the Cyder team have a passion for solving this problem and have a purpose-built solution which keeps the member top of mind. We're excited to be leading this financing round alongside a great group of co-investors," said Jordan McFarlen, Managing Director at Conexus Venture Capital.
With this new investment, Cyder will expand marketplace partnerships, accelerate onboarding of additional credit unions, and continue scaling its platform across the United States and Canada.
“We’re seeing a clear shift,” added CEO and Co-Founder Sukhman Dulay. “Credit unions aren’t asking whether they need loyalty, they’re deciding how fast they can launch it. This round allows us to meet that demand.”
Cyder’s platform was built specifically for the cooperative financial sector and is already powering loyalty programs at institutions of all sizes: from small credit unions with roughly 8,000 members to large organizations serving more than 400,000. Its mission remains consistent: strengthen member engagement, reward meaningful behaviours, and help credit unions compete in a rapidly evolving digital banking landscape.
About Cyder
Cyder builds modern and personalized loyalty programs for credit unions that strengthen member relationships and reinforce cooperative values. Built in partnership with credit unions, Cyder enables credit unions to reward meaningful financial behaviours, like opening accounts, staying on track with goals, engaging digitally, and supporting local businesses all while strengthening belonging and long-term member relationships.
Cyder has been named one of Plug and Play’s Top 5 Canadian Startups (2023), selected as a Berkeley SkyDeck Batch company, and recognized by NEXT Founders Canada as a Top Venture. Most recently, Cyder was featured among Canada’s Top Fintechs by Framework, celebrating our commitment to building technology that keeps community at the centre of finance.
Media Contact:
Jasmin Athwal
jasmin@getcyder.com | 6474000293
Cyder Communications Team
About Conexus Venture Capital
Conexus Venture Capital (CVC) is an early-stage venture capital fund manager based in Saskatchewan. With a strong focus on backing the most ambitious builders in the Canadian prairies, the team currently manages $60 million in assets across two funds (CVC Fund #1 and CVC Fund #2). As an active investor, CVC often leads rounds, sets terms, syndicates deals and works closely with founders to accelerate growth. Learn more here.
Media Contact:
Michael Chmielewski
media@conexus.ca | 306-751-8201
Media Relations Specialist | Conexus Credit Union
About MaRS Investment Accelerator Fund
MaRS Investment Accelerator Fund (IAF) is one of Canada’s most active early-stage investors, backing ambitious technology founders from first cheque through seed stage. The fund provides capital, mentorship, and access to networks that help emerging companies validate ideas, scale operations, and compete globally. Learn more at marsiaf.com.
About Graphite Ventures
Graphite Ventures is a Canadian seed-stage venture capital firm that partners with founders building capital-efficient B2B technology companies. With deep operator experience and a focus on disciplined growth, Graphite supports early stage startups with strategic insight, connections, and funding to help them scale. Learn more at graphitevc.com.
About Sprout Fund
Sprout Fund is an early-stage venture capital firm investing in innovative technology companies across Canada, with an emphasis on B2B software markets. Sprout provides both capital and hands-on support to help founders accelerate growth and build impactful businesses. Learn more at sproutfund.vc.
