UAE’s fintech Qlub raises $25 million 

Founded in 2021 by  Eyad Alkassar and Mahmoud Fouz, Qlub offers payment solutions for restaurants, enabling customers to order food and pay their bills in restaurants at the table by scanning a QR code with their phones.  Qlub currently serves over 2,000 restaurants across six countries, including the UAE, Saudi Arabia and Singapore. The funding will be used to fuel growth and develop new services for its existing customers. 

The new round was supported by existing and new investors, including the global investment firm Al Dhabi Capital and major family offices in the UAE, the company said in a statement Wednesday.

The seed round was co-led by Cherry Ventures and Point Nine with participation from other global venture capital firms, including STV, Raed Ventures, Heartcore, Shorooq Partners, FinTech Collective, and several angel investors.

The startup plans to use the proceeds to fuel growth as well as develop and launch new services for restaurants and customers who already use Qlub, it added.

Payment Solutions

Founded in 2021, Qlub enables customers to instantly pay their bills in restaurants within 10 seconds by scanning a QR code with their phone, even without an app or any registration, which increases table turnover, tips for waiters, and returning customers.

Further, customers can split the bill with their friends and pay it with Apple Pay, Credit Card, or in installments, which will be available soon.

Qlub has over 2,000 restaurants, including Eataly, Paul, Bateel, Huqqa, Blacktap, Günaydin, Al Safadi, Entrecôte de Paris, Mado, Nolus, Leila, Lavash, Ilbaretto, Zooba, Merci Marcel and Em Sharif, the statement noted.

Currently, it operates in six countries with a notable presence in the UAE, Saudi Arabia and Singapore.

Fintech Sector

According to a MAGNiTT report, Fintech in the Middle East and North Africa (MENA) region reported a rise in both deals and funding in 2022, holding on to its position as an industry of choice for investors in the region, accumulating an unprecedented $925 million in funding across 131 deals.

Further, the sector alone brought in almost 29% of the total capital deployed in the MENA region. The UAE remained the country of focus leading the fintech front in terms of funding to 37% of total fintech funding in MENA and deals with a share of 34%.

Fintech has also been gaining interest in different geographies of the MENA region, especially Saudi Arabia, Egypt and Bahrain, which held top positions in funding in 2022.