Loyalty platform Squid has launched a universal local rewards system that allows consumers to earn points with one brand and redeem them back into their locality.<\/p>\n
The system, called Wave Points, is aimed at helping consumers \u201cclaw back some value\u201d as inflation and everyday costs continue to rise<\/a>, with households increasingly focused on what their spending delivers. Consumer prices remain 3.6 per cent higher than a year ago.<\/p>\n Squid has raised \u20ac10 million to date and generated revenue of about \u20ac630,000 last year, it said. Its gross revenue is expected to exceed its cost basis by year-end. <\/p>\n Signed-up companies include Tesco, SuperValu, JustEat, Zurich Insurance, Hello Fresh, Uber Eats, Moonpig, Moby, Tula, Yoga Dublin and Chimac. <\/p>\n For consumers, Wave Points earned can be used to increase their spending power locally. For businesses, it offers a stronger way to drive repeat visits and keep more value circulating through local communities. More than 50,000 people signed up to the system pre-launch.<\/p>\n Squid has grown into one of Ireland\u2019s largest local loyalty platforms, with nearly 1 million registered members and 3 million free coffees redeemed. The business is backed by more than 2,600 everyday investors through Crowdcube<\/a>.<\/p>\n \u201cCustomer loyalty hasn\u2019t kept pace with how people live or spend,\u201d said Matthew Coffey, co-founder and chief executive of Squid.<\/p>\n \u201cConsumers are facing sustained cost pressures, but most reward schemes still lock value into single brands. Wave points changes that, giving people points they can earn through everyday spending and redeem with the local businesses they actually use. <\/p>\n