Nucleus founded sQuid following several years operating the Oyster customer portal for Transport for London. sQuid is a smart digital platform that enables non-bank payments and digital transactions, such as attendance monitoring.
Nucleus founded sQuid in 2005 establishing its distinctive name, disruptive business model and brand customer-facing technologies. We have also guided sQuid to early maturity, transplanting a senior ex-Nucleus management team, led by Adam Smith, into a subsidiary and then, over time, introducing additional investors to help fund its development.
sQuid’s start-up phase raised £8.5m in funding before merging with Applied Card Technologies in a £56m deal in April 2011 to create Smart Transactions Group, the UK leader in smart payments, ticketing and loyalty. STG then sold ACT to Fujitsu in 2015 to focus on growing sQuid in the UK and Africa. Nucleus remains the single largest shareholder in this group.
sQuid now delivers a range of smart transactions services on its full-stack bank-grade platform, from digital wallets and eMoney services for businesses and consumers, cashless payment solutions for education and digital transaction & learning solutions for Humanitarian Aid & Development programmes in Africa. sQuid has eMoney licences issued by the FCA and Central Bank of Kenya and is now ready for its next phase of significant growth.