A LOYALTY app with thousands of users has closed "with great sadness" after launching just two years ago.
Swapi, which was founded in 2020 and rolled out in autumn 2021, is to wind down its online app and website within weeks.
An email was sent to customers earlier today which read: "We hope you’ve enjoyed using the Swapi and the great offers we have worked hard to bring you.
"It is with great sadness that we have to let you know that the Swapi app and website will be closing down on Thursday, October 5, 2023.
"It’s been a very difficult time for many businesses and we have really tried to avoid this unfortunate outcome.
"We will be continuing our business success in other exciting ways."
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Users with loyalty points are being urged to redeem them before October 5 or risk losing them forever.
The message added: "There are still many great offers available so get swapping.
"We would like to thank you for your support over the last few years."
Swapi acts as an e-wallet where shoppers can manage all their loyalty programmes and points in one place.
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Users can also swap built-up loyalty points, including expired ones, across different brands and retailers such as M&S, Dunelm and ASOS.
When the app first launched in December 2021, founder and chief executive officer Pete Howroyd told The Grocer Swapi's aim was to tackle not just the financial impact of expired points but also their impact on relationships between shoppers and brands.
He said: "There is no person on this planet that likes to have something taken off them once they’ve been awarded it and it can really damage the relationship between brands and customers if you take someone’s reward away."
Swapi users looking for alternatives can switch to the Stocard or mobile-pocket loyalty card apps.
Swapi isn't the only business to wind down services following a challenging economic climate.
A number of high street retailers have closed physical branches this year due to soaring inflation and increased energy costs.
Argos, Iceland and Tesco are just a few, with a number of other retailers going bust completely.
Cath Kidston, Paperchase and Wilko have all collapsed into administration this year.
Meanwhile, bargain online supermarket Motatoes ended operations this month.
Some retailers have been expanding though – including Primark and B&M.
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Bakery chains Wenzel's the Bakers and Patisserie Valerie are opening 11 branches between them in the coming months too.
Swapi was approached for comment.
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