UAE’s fintech Qlub raises $25 million
- UAE-based fintech Qlub has raised $25 million in a fresh round of funding, bringing the company's total Seed capital to $42 million.
- The round was co-led by existing investors including Cherry Ventures and Point Nine, with participation from STV, Raed Ventures, Heartcore, Shorooq Partners, FinTech Collective, and angel investors.
- Founded in 2021 by Arun Sharma, Eyad Alkassar, Filiberto Pava, Gizem Bodur, Mahmoud Fouz, John Mady, Jeff Matsuda, Oscar Bedoya and Ramy Omar, 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.
UAE-based fintech startup Qlub has raised $25 million in its latest funding round, bringing its total fundraising to $42 million.
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.
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.