The history of Groupe Aeroplan starts with the creation of the Aeroplan program. The Aeroplan Program was created in July 1984 by Air Canada as an incentive program for its frequent flyer customers. Aeroplan's operations were integrated with those of Air Canada until the end of 2001.

On January 1, 2002, Aeroplan was established as a wholly-owned limited partnership of Air Canada, with a dedicated management team focused on the development of the Aeroplan Program.

In June 2005, Aeroplan completed its initial public offering. The transaction raised $287.5 million and earned Aeroplan an initial valuation of $2.0 billion, making it one of the largest business income trusts in Canada at that time.

In December 2007, Aeroplan Income Fund acquired Loyalty Management Group (LMG), a leading loyalty marketing and customer-driven insight and analysis company and owner and operator of Nectar, the United Kingdom's leading coalition loyalty program and LMG Insight & Communication (I&C).

In January 2008, Aeroplan Income Fund increased its interest in Air Miles Middle East from the 20% held upon the completion of the LMG acquisition to a 60% controlling interest.

In June 2008, Aeroplan Income Fund converted into a growth-oriented, dividend-paying global loyalty management public corporation named "Groupe Aeroplan Inc".

In December 2009, Groupe Aeroplan acquired Carlson Marketing, an international loyalty marketing services, engagement and events provider headquartered in the US with a global presence in North America, Europe, Asia Pacific and the Middle East.

On March 1, 2010, Groupe Aeroplan launched Nectar Italia, a 75% majority owned business and the first independent loyalty coalition program uniting leading retailers in Italy.