Kul Bhushan · · 1 min readEx-StanChart exec’s startup banks funding from UAE financial firm
Singapore-based Touché, a fintech firm with offices in Barcelona, Tokyo, and Dubai, has raised an undisclosed amount of money from Mashreq, a financial institution based in United Arab Emirates.
Fernando Morillo, Mashreq Bank’s global head of retail banking / Photo credit: Mashreq
The partnership aims to tap into the Middle East’s booming fintech industry. As many as 465 fintech firms in the UAE are projected to generate US$2 billion in capital funding this year – significantly higher than US$80 million in 2017.
The startup was founded in 2014 by Sahba Saint-Claire, a former Standard Chartered executive.
Focused on food and beverage (F&B) and hospitality sectors, Touché allows businesses to serve their clients through a single-point device. Its Oracle-certified solution runs on a fully integrated mobile-based smart payment terminal. Its features include taking orders, tip management, e-receipts, and more.
“The F&B and hospitality industries have arguably been two of the hardest-hit sectors by the global Covid-19 pandemic, and any solution that helps them on their road to recovery must be warmly welcomed,” Fernando Morillo, Mashreq Bank’s global head of retail banking, said in a statement.
See also: Zomato’s financial health in 5 charts
Editing by Collin Furtado and Arpit Nayak
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