Qlub Secures $30 Million Funding Round to Accelerate Global Expansion in Dining Payments
UAE-based fintech startup Qlub has successfully closed a $30 million funding round, signaling significant growth potential in the contactless dining payment sector. The investment, co-led by Shorooq Partners and Cherry Ventures, with contributions from e&, Mubadala Investments, and Legend Capital, will propel Qlub’s ambitious expansion plans and further solidify its position in the global market, potentially creating ripple effects for African tech ecosystems.
Fueling Growth and Enhancing User Experience
Founded in 2021 by Eyad Alkassar and Mahmoud Fouz, Qlub has quickly gained traction as a convenient and efficient payment solution for the dining industry. The platform allows diners to effortlessly view menus, place orders, and make payments directly from their smartphones. With the fresh capital injection, Qlub intends to extend its reach to new geographic markets. Furthermore, the company plans to bolster its product analytics capabilities and improve integration with existing hospitality platforms. Early adopters have already reported remarkable results, including a 300% increase in tips, an 80% reduction in checkout times, and substantial labor cost savings. This follow-up funding round builds on a previous $25 million investment Qlub secured in 2021. The company’s rapid expansion and user-friendly technology holds promise for the future, particularly for markets where mobile payments are becoming increasingly prevalent, like in various African countries.
In summary, Qlub’s recent funding represents a major step forward in its growth trajectory. The company’s innovative contactless payment platform, coupled with its robust financial backing, positions it for continued success in the evolving landscape of the global dining industry. This development also provides insights and opportunities for fintech companies operating in Africa.
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