What SQUID does

SQUID (Squid Rewards Limited) is an Irish digital loyalty platform founded in 2019 and headquartered in Dublin, operating across Ireland and the UK. The company operates a unified consumer mobile app (iOS and Android) and a separate Business Portal for retail partners, combining two complementary products: Local Loyalty (digital stamp cards that customers collect by tapping a SQUID NFC tag at participating merchants) and Wave Points (a universal rewards currency launched in May 2026 that consumers earn through prepay voucher purchases, card-linked spending via Fidel on Visa/Mastercard/Amex, and online affiliate purchases, and redeem at local independent businesses and national brand partners including Tesco, Aldi, M&S, H&M, and Zalando).

The underlying technology combines proprietary NFC tap hardware (SQUID Tags), card-linking integration via Fidel that retrieves tokenized transaction data from the major card networks, an in-app prepaid voucher wallet, and an affiliate-based online earning engine. The platform is integrated with Square (POS) for embedded distribution to UK/Ireland merchants, with Stripe handling merchant payouts when Wave Points are redeemed, and with Intercom for customer support. SQUID does not store full card numbers or item-level transaction data — only transaction amount and merchant identifier per its privacy disclosures.

SQUID generates revenue through a tiered monthly Digital Loyalty subscription (€15-€95/month per business location based on active customer count), a usage-based Wave Points Earning Partner model where merchants prepurchase a bank of points, a marketplace spread on prepay voucher sales, a redemption partner commission on Wave Points redemptions paid out via Stripe, a one-time setup fee for new Redemption Partners, and affiliate referral commissions from online partners. The company serves two primary segments — local independent SMBs (cafés, salons, gyms, restaurants) for stamp-card loyalty and national/multi-location retail and hospitality brands for Wave Points earning and redemption — and claims 2,500+ business partners, 750,000+ app downloads, and €10 million in cumulative venture funding to date.

Name

SQUID

Legal name

Squid Rewards Limited

Website

https://squidloyalty.ie

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

SQUID is an Irish digital loyalty platform operating across Ireland and the UK, offering a unified mobile app where consumers collect digital stamps at local businesses and earn a universal Wave Points currency across national brands, serving 2,500+ SMB and enterprise merchant partners.

Ownership category

akta.pro rank

Headquarters

HQ city

Dublin

HQ country

Ireland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Digital Loyalty SaaS subscription: Tiered monthly subscription per business location, billed monthly in advance based on active loyalty customers the prior month. Tiers: 0–50 active customers €15/month, 51–100 €35/month, 101–500 €55/month, 501–1,000 €75/month, 1,001+ €95/month (GBP equivalents available). Auto-adjusts up and down each month.
2. Wave Points prepaid credit (Earning Partner): Merchants participating as Wave Points earning partners purchase a bank of Wave Points upfront; SQUID issues points to customers as they earn them at the venue, and merchants top up the bank (manually or via Auto Top-Up at 10% threshold). Custom pricing based on volume.
3. Voucher / prepay marketplace spread: Margin earned on prepay vouchers (Tesco, Aldi, Ticketmaster, Lastminute.com, etc.) sold inside the SQUID app. Wave Points are credited to users at purchase; the spread between face value and the points-funded rebate is revenue.
4. Redemption Partner payout settlement (Wave Points marketplace): When users redeem Wave Points at a redemption partner, SQUID pays merchants the cash value via Stripe every 30 days; SQUID retains the spread between the points cost to redeem and the cash paid out.
5. One-time setup fee (Redemption Partners new to SQUID): €25 / £20 one-time setup fee for businesses signing up as a Redemption Partner that are not already on Digital Loyalty; waived for existing Digital Loyalty customers.
6. Affiliate referral revenue (online earning): SQUID earns affiliate commission from online partners (Decathlon, TanOrganic, WeAreRiley, etc.) when users click through the app and complete a purchase; points are added to user balances after purchase confirmation.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels6 records

Core offering

SQUID operates a digital loyalty platform that lets merchants run custom stamp-card and rewards programs while letting consumers collect digital stamps at local businesses and earn Wave Points across national retailers and online brands. The platform combines an NFC tap system for in-store stamp collection, a card-linking engine (via Fidel) for automatic earning on Visa/Mastercard/Amex purchases, a prepay voucher wallet, and an online affiliate channel, all delivered through the SQUID mobile app and a Business Portal.

Product overview

SQUID is a unified digital loyalty platform (marketed as "Ireland and the UK's largest digital loyalty platform") built around two complementary modules: Local Loyalty (digital stamp cards tapped via SQUID NFC Tags at local businesses) and Wave Points (a universal spend-based rewards currency). These modules are delivered through the SQUID mobile consumer app (iOS/Android) and a separate Business Portal for retail partners, and are powered by integrations with Fidel (card linking), payment networks (Visa, Mastercard, Amex), Square (POS), and Stripe (payouts). Pay Ahead voucher purchases and an online (affiliate) earning channel extend Wave Points beyond in-store card-linked spend, while a Voucher Marketplace within the app enables redemption at national retailers such as Tesco and Aldi alongside local partners.

Differentiator

Problem solved

Functional benefit

Brands

• Wave Points: Universal local rewards system launched in 2026 enabling consumers to earn points with one brand and redeem them across local businesses; earned automatically through prepay vouchers, card-linked spending (powered by Fidel), or affiliate online shopping.
• Local Loyalty

Products and services

• SQUID Loyalty Platform Ireland and the UK's largest digital loyalty platform, providing a single app where consumers collect digital stamps at local businesses and earn Wave Points across national retailers and online brands. Available to merchants as a subscription and to consumers as a free app.
• SQUID Consumer App Free consumer-facing iOS and Android application that hosts users' digital loyalty cards, Wave Points balance, in-app voucher wallet, and access to the SQUID partner network across Ireland and the UK. 750k+ downloads, 4.9★ App Store and 5.0★ Google Play.
• Local Loyalty (Digital Stamp Cards) Tap-based digital stamp card system that replaces paper stamp cards. Customers tap a SQUID NFC Tag on a merchant's counter to collect digital stamps and unlock a merchant-defined reward (e.g., buy 9 get the 10th free). Available at 2,500+ businesses across Ireland and the UK as a tiered monthly subscription per location.
• Wave Points Universal local rewards currency enabling consumers to earn points with one brand and redeem them across participating local businesses and national retailers. Delivered through three earning methods (Pay Ahead prepay vouchers, card-linked spending via Fidel, and online affiliate purchases). Merchants can join as Earning Partners (prepaid Wave Points banks) or Redemption Partners (free with €25/£20 setup fee, with cash payouts via Stripe).
• SQUID Business Portal Web application for retail partners that enables retailers to configure their loyalty scheme, access stamp/point and redemption data, manage their account and billing, and operate their participation in the Wave Points Programme.

Quantifiable outcome

• 63% higher spend vs non-SQUID customers
• +11 more outcomes

Named customers17 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature7 records

Partnerships

20 partnerships are on record, tiered major commercial partner, flagship wave points partner, major wave points partner, flagship / core, core infrastructure and mid-tier online partner.

• Zurich Insurancemajor commercial partnerGTM or Marketing Partner · 2 May 2026Zurich Insurance offers exclusive SQUID-user discounts on Car Insurance (up to 15% with the SQUID promocode, plus up to 10% online quote discount and 5% existing-customer discount) and Home Insurance (up to 7% + claims-free and existing-customer bonuses). Offer available only via the weblink inside the SQUID app; terms published at squidloyalty.ie.
• Tescoflagship wave points partnerGTM or Marketing Partner · 2 May 2026Tesco is a flagship Wave Points partner at the launch of the universal rewards system; users buy Tesco prepay vouchers inside the SQUID app to earn Wave Points and redeem at local partners. Listed with a 2x earn multiplier on the homepage network.
• SuperValumajor wave points partnerGTM or Marketing Partner · 2 May 2026SuperValu signed up as one of the major retailers at the Wave Points launch, enabling SQUID users to earn and redeem Wave Points across the SuperValu network in Ireland.
• Just Eatmajor wave points partnerGTM or Marketing Partner · 2 May 2026JustEat signed up as a major partner at the Wave Points launch, enabling SQUID users to earn and redeem Wave Points via food delivery transactions.
• Uber Eatsmajor wave points partnerGTM or Marketing Partner · 2 May 2026Uber Eats signed up as a major partner at the Wave Points launch, integrating Wave Points earning and redemption with food-delivery purchases.
• Squareflagship / coreStrategic or Co-development Partner · 19 September 2024Square partnered with SQUID to integrate spend-based loyalty programs into Square's payment platform, enabling independent businesses across Ireland and the UK to launch sophisticated loyalty campaigns via their existing Square infrastructure. At announcement SQUID brought nearly 500,000 loyalty users and presence in 2,000 locations worldwide; early adopters reported customers using the integration spend more and return more frequently.
• Fidelcore infrastructureTechnology or IntegrationFidel is SQUID's card-linking service provider that powers Wave Points earn on Visa, Mastercard, and Amex transactions. Fidel retrieves tokenised transaction data from the card networks so SQUID can credit points without storing full card numbers or item-level data.
• Stripecore infrastructureTechnology or IntegrationStripe is SQUID's payout partner: when a customer redeems Wave Points at a merchant, SQUID pays out the cash equivalent to that merchant via Stripe every 30 days.
• Mastercardcore infrastructureTechnology or IntegrationMastercard shares transaction data with SQUID when users link their Mastercard cards and make qualifying purchases at participating retailers; this is used to calculate Wave Points and provide loyalty benefits. Mastercard's privacy notice is referenced in SQUID's privacy policy.
• Visacore infrastructureTechnology or IntegrationVisa card network integrated with SQUID via Fidel for card-linked Wave Points earning across all participating retailers.
• American Express (Amex)core infrastructureTechnology or IntegrationAmex card network integrated with SQUID via Fidel for card-linked Wave Points earning across all participating retailers.
• Aldimajor wave points partnerGTM or Marketing PartnerAldi is a featured Wave Points partner with a 2x earn rate on prepay vouchers purchased in-app.
• H&Mmajor wave points partnerGTM or Marketing PartnerH&M is a featured Wave Points partner with a 4x earn rate.
• Zalandomajor wave points partnerGTM or Marketing PartnerZalando is a featured Wave Points partner with a 4x earn rate.
• M&Smajor wave points partnerGTM or Marketing PartnerM&S is a featured Wave Points partner with a 3x earn rate.
• Ticketmastermajor wave points partnerGTM or Marketing PartnerTicketmaster is a prepay voucher partner inside the SQUID app; users buy ticket vouchers to earn Wave Points.
• Lastminute.commajor wave points partnerGTM or Marketing PartnerLastminute.com is a prepay voucher partner inside the SQUID app; users buy travel vouchers to earn Wave Points.
• Decathlonmid-tier online partnerGTM or Marketing PartnerDecathlon is an online affiliate-based Wave Points earning partner; users shop through the SQUID app to earn points.
• TanOrganicmid-tier online partnerGTM or Marketing PartnerTanOrganic is an online affiliate-based Wave Points earning partner.
• WeAreRileymid-tier online partnerGTM or Marketing PartnerWeAreRiley is an online affiliate-based Wave Points earning partner.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Como: Como (formerly Como Interactive) is a customer engagement and loyalty platform for SMB retail and hospitality. Comparable to SQUID on local-merchant stamp cards, mobile apps, and push-notification marketing.
• Stamp Me: Stamp Me is a digital loyalty stamp-card app competing directly with SQUID's Local Loyalty product. It targets SMB merchants with mobile-first stamp programs and is the most direct comparator on the stamp-card mechanic.
• Antavo: Antavo is a loyalty cloud platform serving enterprise brands across retail, hospitality, and fashion. Comparable to SQUID's enterprise tier of Wave Points partners (Tesco, H&M, M&S) where it powers program logic and reward currencies.
• Yoyo: Yoyo is a UK-based digital loyalty and payments platform that powers stamp-card, coupon, and rewards programs for enterprise and SMB merchants. Closest direct peer to SQUID given its UK geography, B2B2C loyalty model, and integrations with enterprise retailers.
• Belly: Belly is a digital loyalty platform built around tablets and apps for SMB retail and hospitality merchants. Directly comparable to SQUID's Local Loyalty SMB segment in product mechanics and target customer.
• Paytronix: Paytronix is a restaurant and convenience-store loyalty and gift-card platform. Comparable on the prepaid voucher, gift-card, and merchant analytics mechanics that underpin SQUID's Wave Points.
• Thanx: Thanx is a US-based merchant loyalty and engagement platform that combines digital loyalty, card-linked offers, and customer data. Comparable to SQUID on the card-linking and merchant-analytics layer of Wave Points.
• Smile.io: Smile.io is a loyalty and rewards platform focused on Shopify-based retail and DTC brands. Comparable on the points-based universal rewards mechanic and SMB merchant acquisition motion, particularly for the online/affiliate layer.

Broad incumbents

• Shopify: Shopify offers built-in loyalty features and a marketplace of loyalty apps for its SMB merchant base. Comparable as a broad incumbent whose ecosystem can substitute for dedicated loyalty platforms.
• Square Loyalty: Square Loyalty is a built-in loyalty feature inside Square's POS ecosystem. It is both a partner (via SQUID's Square integration) and a competitor, since Square merchants can use native loyalty without SQUID.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/loyaltysquid
• Facebookfacebook.com/squidloyalty
• LinkedInlinkedin.com/company/squid-loyalty

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SQUID