Qlub Secures $30M Boost from Mubadala and Investors to Revolutionize Dining Payments

Mubadala Investment Company has headed up a significant $30 million funding round for Qlub, the Dubai based fintech start up which is seeking to change the experience of paying for dining in restaurants. This particular investment boosts Qlub’s funding to $72 million and indicates the increasing attention towards hospitality technology innovation in the wider region and the world. As part of Qlub’s service, restaurants’ customers are able to use QR codes to pay, order, and even receive food to their smartphones which is far more convenient compared to the standard payment and ordering processes usually encountered in restaurants.In addition to e& (Formerly Etisalat) and Legend Capital, other prominent firms such as Shorooq Partners and Cherry Ventures alsojoined in coleading the funding round. Currently, Qlub’s unique business concept is already in use in more than 3000 restaurants across the world, in the UAE, Saudi Arabia, Singapore, Hong Kong, Australia, and Brazil. Qlub enables to process transactions for several billion dollars yearly and serves millions of users every month.This injection of capital will enable Qlub to expand into new geographical areas and new markets, improve it's digital products and implement new complex analytics into the platform. Partnership with Mubadala emphasizes the growing trend of sovereign wealth funds pouring money into regional fintech to stimulate homegrown innovation and exploit the growth potential in the rapidly digitizing hospitality industry. The fintech market in the Middle East is booming, and there is proactive government support in the form of favorable regulatory frameworks for new businesses. Qlub's accomplishments demonstrate the significant growth in the need for contactless payments during and after the pandemic, to becoming one of the leaders in the restaurant payment transactions of the future.