Spice wants to fill fine dining’s funding gap with an alternative model

Fine dining in Saudi is facing a capital gap — and this startup claims it has the solution. We talked to Zeid Husban, CEO of the recently launched premium dining platform Spice, who pulled back the curtain on why traditional banking often leaves a bitter taste for restaurateurs and how their new “dining capital” model is designed to fund expansion without adding debt or diluting ownership.

Why banks fall short

One size fits none: Traditional banks often treat high-end bistros like any other business, applying standard credit models that overlook the sector’s seasonality, brand sensitivity, and exposure to operating volatility, Husban tells EnterpriseAM. “Traditional financing where the burden of loans grows irrespective of revenue has proven that it's not agile enough for modern restaurant owners,” he added, noting that limited incentives and the lack of partners also leave many F&B businesses without access to tailored growth capital.

Restaurants are also squeezed on margins. Premium dining venues are balancing high operating costs and competition while trying to maintain guest experiences without leaning on reductions. These hurdles are compounded by geopolitical uncertainties and a wider unpredictable operating environment, making it harder to stabilize footfall and revenues, Husban said.

The alternative funding structure

The zero-debt model: Spice’s shariah-compliant model provides upfront funding by pre-purchasing future dining credit instead of issuing loans. Customers later redeem that credit through the platform when dining at partner venues.

The structure links funding to actual customer spend, avoiding fixed repayment obligations and reducing balance sheet pressure. Husban says the model aligns incentives by tying returns to performance rather than to time-based repayments, while also channeling demand through the platform.

Why it matters now: This pay-on-performance model is especially valuable amid current geopolitical tensions, giving venues more flexibility in managing their finances during unpredictable trading conditions, Husban argues.

On the consumer side, the app allows diners to discover locations, book tables, pay in-app, and earn 20% rewards on every dining experience.

Looking ahead

Fine dining shifts upmarket: Husban, an ex-Chief Strategy Officer at Foodics, expects Saudi Arabia’s fine dining segment to expand alongside tourism and broader foodservice growth, with demand shifting toward more experience-led concepts. Spice aims to partner with hundreds of venues across the Kingdom and deepen its presence in more cities over the next five years.

Spice is cooking up a global expansion: While Saudi Arabia is the initial focus of the firm’s expansion, the platform also plans to expand into the GCC and Europe, where similar structural challenges in the sector exist.