UAE-Based FinTech Spades Raises $2.5M in Angel Round

Spades, a dine-in payment FinTech based in the United Arab Emirates (UAE), has closed a $2.5 million angel round, according to a Magnitt report Tuesday (May 10).

Spades’ service allows guests to pay bills easily by scanning a code or tapping to pay, without any downloads or registration. That can lead to shorter wait times. Spades said its solution also can seamlessly integrate with any major point of sale (POS) system.

The release noted that the UAE FinTech industry saw 1,200% growth in funding, quarter over quarter. Despite the region’s slump in its food and beverage industry, there has reportedly been more interest in FinTech startups that offer payment solutions.

“With Spades, we have created a seamless payment portal that is fast, secure, and convenient,” said Adnan Haque, co-founder of Spades. “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.”

The round had investments from some prominent angels like Thibaud Elzière, Eduardo Ronzano, Yan Hascoet, Othmane Bouhlal and Omar Benmoussa, per the report, with early investments from venture capital firms such as Nordstar and Impact46.

The UAE has seen other investment activity as of late, with BNPL startup Cashew recently receiving $10 million in debt and equity financing from Mashreqbank.

See also: BNPL Startup Cashew Nets $10M for Expansion From UAE Lender

The money will reportedly help the company expand more. According to Cashew CEO Ammar Afif, the Mashreq stake was a minority one that could increase to 20% if the lender takes part in future funding.

Afif said the funding will help the company grow and let it offer credit on larger purchases like travel, education and healthcare.

He added that Cashew wants to hit 5,000 merchants and 500,000 users by the end of the year, and said transaction volume will likely see a big boost to $10 million a month, instead of the $1 million it handles now.