UAE-Based Qlub Cashes In US$30 Million For Expansion

UAE-based fintech startup Qlub has raised US$30 million in a new funding round to support its international expansion and advance its dining payment solutions.

The round was co-led by Abu Dhabi-based multi-dimensional investment firm Shorooq and Germany-based early-stage venture capital (VC) firm Cherry Ventures, with participation from e&, Mubadala Investments, and Legend Capital. 

Founded by Eyad Alkassar and Mahmoud Fouz in the UAE in 2021, Qlub enables diners to view menus, place orders, and pay through QR codes on their smartphones, eliminating the need for physical menus or traditional payment processes and streamlining operations for restaurants. 

Speaking to Inc. Arabia, Alkassar, co-CEO, Qlub, reflected on how the fundraising process unfolded in an unexpected but encouraging way. “We had direct reach out from investors who used Qlub and were impressed,” he shared. “That’s the dream of any entrepreneur: that the product speaks for itself without a pitch.” 

Qlub’s technology operates in thousands of venues across markets such as the UAE, Saudi Arabia, Singapore, Hong Kong, Australia, Brazil, Qatar, Kuwait, and Korea. The company says that it processes several billion dollars worth of transactions annually and serves millions of customers each month, with clients including restaurants like Paul Cafe, Wagamama, Sushi Samba, and La Petite Maison. 

Restaurants using the platform have reported measurable improvements, including a 300 percent increase in tips, a seven-fold rise in positive Google reviews, and an 80 percent reduction in checkout queues. Operators have also noted cost savings by reducing the number of required cashiers by about a third, alongside improved space utilization. 

With its latest funding, Qlub plans to further expand its footprint in current markets while entering new territories. The company is also working on enhancing its platform’s analytics capabilities to help restaurants better understand customer behavior and preferences and is seeking partnerships within the hospitality and technology sectors to drive wider adoption of contactless dining solutions. 

According to Alkassar, a shift in diner expectations is what is driving this momentum for his company's offering. “After [COVID-19], we saw a global shortage in staff and a surge in people who want to dine out," he explained. "These two trends made it mandatory for restaurants to seek more automation if they want to keep the service levels they had before."

Yet Qlub’s journey wasn’t without hurdles, especially in its early days. “Initially, there was quite some resistance in launching, as nobody had seen a similar tech before,” Alkassar noted. “What helped us a lot is growing quickly in Dubai and Singapore, two global hubs, and millions using Qlub from all over the world. This made launches in new countries much easier.” 

For other founders in the region considering expansion beyond the Middle East, Alkassar noted that services and tools that succeed in the UAE often have strong potential in other markets, as they’ve already proven useful to a diverse, international audience. "In terms of the expansion strategy itself, we believe the best people to lead such an expansion are those who have proven themselves in the organization and know the playbook," he said. "So, we like to pair home-grown talent with local talent in each new market."

Looking ahead, Alkassar noted that layering software into the dining experience will continue to enhance user journeys, whether by helping diners choose dishes based on preferences or allergies, or by streamlining key touchpoints like payment. “For example, before Qlub, [the] average time from wanting to leave to having paid the bill was 10-15 minutes,” he shared. “Qlub speeds this process up by more than 10x to 20-30 seconds.”

As for what will define the next wave of hospitality tech, Alkassar emphasized the importance of substance over buzz. “Tech, to be successful, needs to improve the state of the art by 10x,” he said. “Or it won't find adoption.”

Pictured in the lead image from left to right are Qlub co-founders Eyad Alkassar and Mahmoud Fouz. Image courtesy Qlub.