Dubai fintech Qashio secures $19.8mln from US, MENA investors
Dubai-based fintech company Qashio has secured $19.8 million in equity and non-equity financing.
The new investment round was led by Rocketship, an early-stage venture fund based in California, and participated by Oneway VC, ABN Ventures, MITAA and other investors, including family offices and banks in the Middle East and North Africa (MENA) region.
Founded in 2021, Qashio operates a platform that helps businesses manage expenses and payments with integrated corporate cards and accounts payable automation.
The new funding is expected to help expand the company's business across the GCC and beyond.
(Writing by Cleofe Maceda; editing by Seban Scaria)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Web Release
8 minutes ago
- Web Release
Dubai International Chamber launches 36th international representative office in Bangkok to boost trade and investments with Thailand
Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has inaugurated its 36th representative office in Thailand. Located in Bangkok, the new office will play a key role in attracting businesses and investments from Thailand to Dubai and further strengthening the growing trade ties between the two markets. The chamber's office will work to deepen relationships with key public and private sector stakeholders and deliver a comprehensive range of support to the Thai business community, providing access to market intelligence, business matchmaking services, and strategic guidance on market entry. The launch supports the goals of the Dubai Global initiative, which aims to attract foreign companies, investors, and international talent to Dubai by showcasing the emirate's competitive advantages and enhancing bilateral engagement. His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: 'The launch of our new office in Bangkok further strengthens Dubai's global connectivity and reaffirms our commitment to supporting businesses in expanding their international footprints. The office will unlock new opportunities for Thai companies seeking to enter Dubai and leverage the city's strategic advantages as a gateway to global growth. Thailand remains an important partner in our efforts to cement Dubai's position as a hub for global trade and investment, and we are confident this step will generate significant opportunities for businesses in both markets.' Unlocking Opportunities in Thailand The new office was inaugurated during the 'Doing Business with Thailand' forum, which was organised as part of Dubai Chamber of Commerce's 'New Horizons' trade mission to Southeast Asia. Hosted in Bangkok, the forum was attended by more than 474 participants including senior officials, business leaders and Thai companies interested in exploring partnership opportunities with the chamber's delegation. The trade mission attracted the participation of 20 Dubai-based companies operating across diverse sectors including food and beverages, human resources, trading, electronics, hospitality, industrial lubricants, investment, and agriculture. The chamber successfully coordinated 288 bilateral business meetings between members of the Dubai delegation and companies from Thailand. The forum was organised by Dubai Chamber of Commerce in collaboration with the Thailand Board of Investment. Special remarks were delivered by Gongsakdi, Secretary to the Minister of Foreign Affairs of the Kingdom of Thailand and Potnvit Silaon, Deputy Director General, Department of International Trade Promotion. The event also featured speeches from H.E. Obaid Saeed Obaid Bintaresh Aldhaheri, Ambassador of the United Arab Emirates to the Kingdom of Thailand, and Dr. Poj Aramwattananont, Chairman of the Thai Chamber of Commerce and the Board of Trade of Thailand. During the business forum, Salem Al Shamsi, Vice President of International Relations at Dubai Chambers, delivered a detailed presentation on Dubai's economic landscape, highlighting the emirate's unique competitive advantages for businesses and investors. The forum also featured a dedicated session with representatives from Thailand's Board of Investment, which provided insights into the local business environment and explored promising investment opportunities. The forum aimed to build on the expanding economic ties between Dubai and Thailand. Non-oil bilateral trade exceeded AED 23.8 billion during 2024, achieving substantial year-over-year growth of 23.3%. The number of Thai companies registered as active members of Dubai Chamber of Commerce increased by 28.4% during 2024 to reach 190 by the end of the year, underlining the growing engagement between the business communities in the two markets. Dubai Chamber of Commerce has identified a number of high-potential export products from Dubai to Thailand, including livestock feed, fertiliser, flat-rolled iron/steel, unwrought aluminium alloys, and cosmetic products. In terms of investment opportunities for Dubai-based companies in Thailand, key sectors include rental and leasing services, renewable energy, freight and distribution services, and medical tourism.
Khaleej Times
an hour ago
- Khaleej Times
Emirates chief slams Boeing, Airbus over delivery delays
The head of the world's largest international airline, Dubai's Emirates, voiced frustration on Sunday over chronic aerospace supply problems, challenging planemakers to take responsibility for late suppliers. Leading plane manufacturers Boeing BA.N and Airbus are months and years behind on new plane deliveries, frustrating airlines which want to upgrade to more fuel-efficient aircraft and launch new services. "I am pretty tired of seeing the hand-wringing about the supply chain: you (manufacturers) are the supply chain," Emirates President Tim Clark said at a news briefing on the sidelines of an airline industry summit.
The National
2 hours ago
- The National
Kazakhstan looks to Gulf investment as it develops the next Silk Road
Kazakhstan is working to attract more investment from Gulf states as it develops transport routes akin to the ancient Silk Road between Europe and China, the country's deputy foreign minister has told The National. Gulf countries have poured investment into the oil and mineral rich central Asian country, deputy minister Roman Vassilenko said in an interview at the Astana International Forum in Kazakhstan's capital. These nations are seen as "an important source of potential investment', he said. Emirati transport and logistics giants including AD Ports Group and DP World already work at trade and port hubs in Kazakhstan. The country is expanding capacity on the so-called 'middle corridor', a trade route following similar paths to the Silk Road, connecting China with Europe through Kazakhstan, the Caspian Sea, Azerbaijan, Georgia and Turkey. Several agreements were signed with the UAE when Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, visited Astana last month, Mr Vassilenko said, in sectors such as artificial intelligence, health care, renewable energy and infrastructure. Kazakhstan's foreign policy stands on several legs. Russia is one. China is another one. Central Asian neighbours have a special place, of course, then the West, and then the Arab world Roman Vassilenko, deputy foreign minister of Kazakhstan AD Ports Group, the operator of industrial cities and free zones in Abu Dhabi, said it plans to invest another $600 million to expand its operations in Kazakhstan, and aims to develop a multipurpose terminal to improve trade and expand its fleet in the Caspian Sea. The investment in trade infrastructure comes as countries look to shore up supply routes for consumer goods and commodities and protect against shocks similar to those caused by the coronavirus pandemic and economic and political instability. 'Abu Dhabi Ports is already working to help Kazakhstan develop maritime infrastructure on the Caspian Sea, as well as building up tankers for transporting our oil across it,' Mr Vassilenko said. 'That is, of course, also part of the solution to the challenges that we face as we try to develop the middle corridor.' The volume of products traded on the route, including crude oil and consumer goods, has increased from 560,000 tonnes in 2021 to 4.5 million tonnes last year, Mr Vassilenko said. Relationships with the Gulf countries are focused on trade and investment, Mr Vassilenko added. Kazakhstan's wealth of hydrocarbon and mineral resources, and keenness to widen its trading base beyond traditional allies Russia and China, mean that much of its foreign policy centres around finances and economics. Ties with major powers remain important – Beijing and Moscow are Astana's largest trade partners, followed by the EU. But Kazakhstan is looking elsewhere too. 'Kazakhstan's foreign policy is sort of standing on several legs,' Mr Vassilenko said. 'Russia is one. China is another one. Central Asian neighbours have a special place, of course, then the West, and then the Arab world. It's all part of the concerted vision that we have pursued ever since independence.' Sanctions on both Russia and Iran have complicated trade for Kazakhstan and its central Asian neighbours, creating more need to bolster routes such as the middle corridor that travel through neither's land territory. Astana has adopted a neutral position on the conflict since Moscow's invasion of Ukraine in February 2022. It continues to do business with Russia, from where goods from face wash to breakfast cereal and vodka fill the supermarkets of Astana. Conflict and instability in Afghanistan have also limited north-south trading routes. 'We are not only landlocked, but we are also limited in our options, so we can trade via Russia, and we have been doing this throughout our independence,' Mr Vassinlenko said. 'Yet, we now understand that we need to develop alternative routes, and that's why the middle corridor comes in handy.' When it comes to Iran, Astana sees 'enormous' potential for trade, especially for transit to third countries, said Mr Vassilenko, who added that there are prospects for much better relations if ongoing talks between Tehran and the US reach fruition and sanctions on Iran are lifted. Sharing a naval border in the Caspian Sea, Iran and Kazakhstan had a trade volume of $303 million in 2023, according to the Observatory for Economic Complexity. The trade was dominated by Iranian exports to Kazakhstan, mostly of polymers, ceramics and tropical fruit. 'The opportunities of trading via Iran with the world for Kazakhstan are enormous, and yet they are limited now,' Mr Vassilenko said. 'Now you can still send goods via Iran, mostly food stuffs which are not sanctioned, et cetera, but it's still very limited. There is an infrastructure, and we have tried using this infrastructure in the past, meaning railways, and Iran offers beneficial tariffs for transporting our goods via railways, but generally normalisation of these relations will help.' The world's ninth largest nation by land area, Kazakhstan gained its independence in 1991 following the collapse of the Soviet Union, and produces 40 per cent of total current world supply of uranium, as well as crude oil. It also has other resources including rare earth minerals so attractive that they are becoming a leading area of policy for the country, as other nations seek to secure supplies. Increasingly important in the development of consumer electronics, electric vehicles and medical equipment, rare earth minerals are highly sought-after by countries around the world, which are rapidly seeking to secure access to supplies. In April, Kazakh authorities announced the discovery of more than 20 million tonnes of metal deposits – a reserve that, if proven, would give the country the world's third largest reserves of rare earth elements, behind only China and Brazil. Kazakhstan not only needs foreign technologies to help it mine the precious reserves, it also wants to bring in foreign geologists to explore and discover more of them. The country has agreements with German, French, British and American geologists. 'I think in the next five to 10 years, you will hear more and more about rare earth metal developments in Kazakhstan, in particular in co-operation with the West,' Mr Vassilenko said.
