By Ampamya Ronah
Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, has invested in Qlub, a Dubai-based restaurant payments platform, as part of a $30 million funding round aimed at accelerating its global expansion. Announced on July 21, 2025, the round was co-led by Shorooq Partners and Berlin-based Cherry Ventures, with additional backing from UAE telecom giant e& and China’s Legend Capital. This investment, which brings Qlub’s total funding to $72 million, underscores the UAE’s growing influence as a fintech hub and highlights the potential of innovative payment solutions in the hospitality sector.
Founded in 2021 by Eyad Alkassar and Mahmoud Fouz, Qlub is transforming the dining experience with its QR code-based payment system. Diners can scan a QR code to access menus, place orders, split bills, and pay instantly via their smartphones, eliminating the need for traditional cash registers or app downloads. The platform integrates with major point-of-sale systems like Foodics and Oracle Micros, streamlining restaurant operations and providing real-time data on consumer behavior. Qlub’s technology is already deployed in over 3,000 restaurants across 10 countries, including the UAE, Saudi Arabia, Singapore, Hong Kong, Australia, Brazil, Qatar, Kuwait, and South Korea, processing billions in transactions annually. Qlub’s “Eat Now, Pay Later” service and AI-driven analytics for demand forecasting have resonated with restaurants, with early adopters reporting up to 20% higher customer retention due to enhanced loyalty programs. The platform’s ability to offer insights into menu preferences and peak dining hours has made it a game-changer in the hospitality industry, where efficiency and customer experience are paramount.
Mubadala, managing a $330 billion portfolio, is no stranger to high-growth tech investments, with stakes in companies like SpaceX, Revolut, and Ripple. Its backing of Qlub aligns with its strategy to support scalable fintech solutions that drive digital transformation. The UAE’s regulatory environment, bolstered by initiatives like the Dubai International Financial Centre’s Fintech Hive and Abu Dhabi Global Market’s RegLab, provides a fertile ground for startups like Qlub to innovate and scale. Mubadala’s involvement signals confidence in Qlub’s ability to compete with global players like Toast and Square while capitalizing on the Middle East’s rapid adoption of cashless payments, projected to grow at a 9.65% compound annual rate through 2033.
The Middle East’s tech-savvy population and government-backed digital initiatives are fueling a fintech revolution. Dubai’s ambition to become a global financial hub, supported by policies like the Digital Strategy 2025-2027, has attracted investors and startups alike. Qlub’s funding round reflects this trend, with the company planning to use the capital to expand into new markets, enhance its analytics tools, and deepen integrations with hospitality platforms. However, challenges such as regulatory complexities in Europe and competition from established players like WeChat Pay in Asia could test Qlub’s scalability.
Qlub’s $30 million raise, backed by Mubadala, positions it to redefine restaurant payments globally. With a strong foothold in the Middle East and growing presence in Asia and Latin America, the startup is poised to capitalize on the global shift toward contactless transactions. For Mubadala, this investment reinforces its role as a catalyst for the UAE’s knowledge-based economy, fostering innovation that bridges local expertise with global opportunities. As Qlub continues to grow, it could set a precedent for how fintech can transform traditional industries, one dining experience at a time.
