Fintech Company Spades has Successfully Closed a $2.5 Million Angel Round

  • Fundraising News
  • 13.05.2022 08:45 am

The businesses in the Middle East are rapidly expanding, and the food industry is not an exception. Eating in the UAE means discovering one of the world's most colourful and wonderful food destinations. Restaurants use Spades to keep up with changing demand while offering a flawless checkout experience for dine-in customers. 

Spades was founded by Mehdi Chraibi, Adnan Haque, and Sameer Poonja after successful careers building digital products used by millions of users at VISA, Emirates Airline, Oracle, Millicom and Rocket Internet. The team is backed by executives with leadership roles at global Payment Service Providers (Adyen, VISA & MasterCard), Cloud Kitchens and multiple Hospitality Houses in the Middle East. Their oversubscribed angel round of $2.5M also 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 - the Founders of Chauffeur Privé - Kapten (acquired by Free Now), which was closed with early investments from global & regional VCs such as Nordstar and Impact46.

In its first 12 weeks, the FinTech payment firm has signed over 150 eateries, including NOLA, Couqley, Alaca, and The Sum of Us. The company is rapidly expanding in the GCC and beyond, requiring different roles across the board. Spades lets customers to pay their bill by scanning a code or tapping to pay, eliminating the need for downloads or registration. The technology is trusted and dependable, and it smoothly interacts with all major POS systems, allowing for quick refunds and reconciliation. Unlike other similar technologies, Spades' human-centric approach promotes overall engagement. 

Partner restaurants report doubled staff tips, faster table turns, saved trees, and improved client service. Spades is going to change F&B in the region with only a quick scan and a few of taps!

As co-founder Adnan Haque stated, “We have designed a seamless payment portal that is safe and convenient. Our goal is to help consumers and restaurants save time and establish a perfect "phy-gital" balance that enhances the dine-in experience.” 

Saud Alsahaf, Impact46 Investment Associate: "Spades offers a powerful digital solution to improve the experience for all stakeholders in the value chain. Spades will soon be the standard for restaurant payment." 

“Since starting with Spades, our staff has had more time to engage with guests at the end of their dine-in visit,” said Alex Economides, co-founder and Managing Director of NOLA Social House & Eatery. Rather than producing bills and collecting payments during busy hours. “Spades' swift and convenient payment method fits well with Nola's WOW factor of exceptional service.”

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