Spades, an on-premises payment FinTech based in the United Arab Emirates (UAE), has closed a $2.5 million funding round, according to a report from Magnitt on Tuesday (May 10).
Spades’ service makes it easy for customers to pay their bills by scanning a code or tapping to pay, with no downloads or registration required. This can result in shorter wait times. Spades said its solution can also integrate seamlessly with any major point-of-sale (POS) system.
The release notes that the UAE FinTech industry saw 1,200% growth in funding, quarter-on-quarter. Despite the collapse of the food and beverage industry in the region, FinTech startups that offer payment solutions have reportedly garnered more interest.
“With Spades, we’ve created a seamless payment portal that’s fast, secure and convenient,” said Adnan Haque, co-founder of Spades. “Our goal is to give time back to customers and restaurants, and to create a perfect ‘phy-gital’ harmony that helps achieve an exceptional dining experience.”
According to the report, the round benefited from investments from some prominent angels such as Thibaud Elzière, Eduardo Ronzano, Yan Hascoet, Othmane Bouhlal and Omar Benmoussa, with early investments from venture capitalists such as Nordstar and Impact46.
The UAE has seen other investment activity recently, with startup BNPL Cashew recently receiving $10 million in debt and equity funding from Mashreqbank.
See also: BNPL Startup Cashew Nets $10M for UAE Lender’s Expansion
The money would help the business grow further. According to Cashew CEO Ammar Afif, the Mashreq’s stake was a minority one and could increase to 20% if the lender participates in future financing.
Afif said the funding will help the company grow and allow it to offer credit on larger purchases such as travel, education and healthcare.
He added that Cashew wants to reach 5,000 merchants and 500,000 users by the end of the year, and said transaction volume will likely see a big increase to $10 million per month, from the $1 million. dollars that it currently manages.
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