Spades is a web-based app for restaurants and customers that offers a four-step payment system – Tap (or Scan), Split, Tip & Pay. It has raised $2.5M to make dine-in payments simple for customers.
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UAE-based Dine-in Payment FinTech Spades closes $2.5M Angel round from select entrepreneurs & funds. The round included prominent European business angels, such as Thibaud Elzière (Founder, Fotolia & eFounders), Eduardo Ronzano (Founder, KelDoc & Managing Partner, Secret Fund), and Yan Hascoet, Othmane Bouhlal, Omar Benmoussa (Founders of Chauffeur Privé - Kapten (acquired by Free Now), with early investments from global & regional VCs such as Nordstar and Impact46.
Spades was founded by Mehdi Chraibi, Adnan Haque, and Sameer Poonja. The startup allows guests to easily pay their bill by scanning a code or tapping to pay, without any downloads or registration, translating into shorter wait times. Spades provides a fast and secure payment solution that integrates seamlessly into all major POS systems, making refunds and reconciliation just a click away.
The FinTech industry in UAE observed a 1,200% QoQ growth in funding amassing 124.8M across 17 deals in Q1'22, as recorded in our UAE Q1 2022 Venture Investment Report. Even though the region's Food & Beverage industry as a whole has seen a slump this year after being the top funded industry in 2021, there has been a growing interest in FinTech startups offering payment solutions for dining experiences. Earlier this year, Dine-in Payment Disruptor Qlub raised $17M to enable customers to instantly pay their bills in restaurants by scanning a QR code with their phone. Spades is another Dine-in Payment Fintech that has raised a sizable investment this year to offer a simple dining experience.
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The restaurant scene in the Middle East is growing fast and UAE offers a diverse and vibrant dining experience. Spades is aiming to keep up with dynamic demand, while providing a seamless checkout experience for dine-in customers to pay their bill. Co-founder of Spades, Adnan Haque said, “With Spades, we have created a seamless payment portal that is fast, secure, and convenient. Our goal is to give back time to customers and restaurants, and create a perfect "phy-gital" harmony that helps achieve an exceptional dine-in experience.”
Spades has already signed up with a number of partner restaurants. Co-founder and Managing Director of NOLA Social House & Eatery, Alex Economides said, “Since starting with Spades we’ve noticed our staff having more time to engage with guests at the end of their dine-in visit. Rather than running around at peak hours printing bills and collecting payments.”
The startup is growing their team and is planning to expand in the GCC and beyond. Investment Associate at Impact46, Saud Alsahaf added, "F&B is an important industry in the local market, and Spades is offering a powerful digital solution to improve the experience for all stakeholders in the value chain. We look forward to making Spades the standard for restaurant payment."
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