Latest news with #Qashio
CairoScene
2 days ago
- Business
- CairoScene
Dubai-based Fintech Qashio Secures $19.8M to Fuel Saudi Market Entry
Founded in 2021 by Armin Moradi, Qashio offers tailored corporate cards and embedded financial services for various businesses. May 29, 2025 Dubai-based B2B spend management platform Qashio has raised $19.8 million in a new funding round of equity and debt. The round was led by Silicon Valley firm Rocketship, with continued support from ABN Ventures, MITAA, Oneway VC, and new strategic backers such as Luxembourg's MoreThan Capital, undisclosed MENA banks, and regional family offices. Founded in 2021 by Armin Moradi, Qashio offers tailored corporate cards and embedded financial services for businesses in sectors like legal, consulting, government, and e-commerce. The company plans to use the funds to expand geographically, roll out its fintech loyalty program across MENA, and enhance regulatory compliance ahead of its Saudi Arabia launch. With operations in 22 markets including the UAE, Europe, and the UK, Qashio reports over 800% year-on-year revenue growth for three consecutive years and a recent quarterly profit of $1.2 million, according to Wamda. The funding comes amid a regional fintech boom, as MENA startups raised $1.5 billion in Q1 2025—driven largely by fintech firms capturing over $1 billion across 36 deals.
Wamda
3 days ago
- Business
- Wamda
Qashio closes $19.8 million round to accelerate expansion into Saudi Arabia
UAE-based fintech Qashio has raised $19.8 million in a mix of equity and non-equity funding, led by existing investor Rocketship VC, with participation from MoreThan Capital, regional banks, and family offices. Founded in 2021 by Armin Moradi, Qashio offers a spend management platform that enables businesses to gain full visibility and control of their expenses. It claims to be the first fintech startup in the UAE to issue corporate employee cards. The company will use the capital to expand into Saudi Arabia and deepen its market-leading B2B loyalty programme across MENA. In 2022, Qashio closed a $10 million seed round. Press release: Qashio, the Dubai-headquartered B2B spend management platform with operations and clients in 22 countries, including the UAE, Europe, the UK, and soon Saudi Arabia, has raised $19.8 million in its latest funding round. The capital will support further geographic expansion and scale what is already the largest B2B fintech loyalty programme in the MENA region. Despite achieving profitability with over $1.2M in Q1 2025, the additional funds will enhance regulatory compliance ahead of the company's entry into Saudi Arabia and further extend its differentiated loyalty offering. Unlike typical cashback programmes, Qashio's impressive Tier 1 partner network includes Emirates, Air France, KLM, Avios (British Airways, Iberia, Finnair), US Airways, and top hotel groups such as Jumeirah One, Accor, and IHG Intercontinental Hotel Group—benefits often unavailable to businesses through other expense management platforms. Category-Defining Momentum with a Superior and Scalable Product Suite The fundraising round, which consists of both equity and non-equity financing, was led by existing investor Rocketship, a Silicon Valley-based venture capital firm. 'We invested in Qashio because of their bold vision to modernise spend management in the Middle East, a region ripe for financial innovation. Their rapidly growing customer base positions them as a category-defining company in the GCC's digital transformation journey. We're proud to back a team that's not just solving a pain point but transforming how companies across the region operate and grow,' said Sailesh Ramakrishnan, Managing Partner at Rocketship. With over 800% YoY revenue growth for the third consecutive year, Qashio has proven its ability to scale with discipline. Several existing investors have reaffirmed their confidence by following on their previous commitments, such as ABN Ventures, MITAA, and Oneway VC. The round also welcomed new strategic investors, such as Luxembourg-based European fund MoreThan Capital, major regional banks in MENA, and regional family offices from each market. 'MoreThan Capital chose to invest in Qashio due to its exceptional growth trajectory since launching from beta in 2022, its seasoned founding team, and its superior product suite—which is both broader and more advanced than regional competitors. Qashio's relentless innovation aligns with our vision, and we see tremendous potential in their MENA expansion strategy as well as their international ambitions. Their unique value proposition positions them strongly for success in the MENA as well as the European market, and we're excited to support their journey with 'more than' capital," says Caroline Kracht, Managing Partner at MoreThan Capital. Supporting Finance Teams and SMEs with Industry-Focused Solutions Qashio has invested heavily in developing purpose-built products that support the financial health of its clients, from SMEs with five employees to global enterprises with strict compliance and security requirements; Qashio caters to them all. Its solutions are tailored to each industry, with custom offerings that reflect local and vertical-specific requirements. For firms with highly sensitive operations such as law practices, consulting firms, and government entities, as well as specialised sectors like travel, hospitality, retail, and high-volume e-commerce companies, Qashio offers customised corporate cards and embedded financial microservices to support operational efficiency. 'At Qashio we have learnt that change often comes with resistance. We are committed to helping the companies that place their trust in us move away from the manual finance processes that slow them down. That's why we built and continue to evolve our loyalty programme—to reward the right behaviour with incentives such as air miles and hotel points that are otherwise difficult to obtain. We also offer the lowest cross-border fees and the highest cashbacks delivered transparently without lockdown periods and clawbacks because every business drives behaviour in their own way,' says Armin Moradi, CEO and co-founder of Qashio.
Zawya
3 days ago
- Business
- Zawya
UAE-born global fintech Qashio raises $19.8mln to scale regional expansion and B2B loyalty ecosystem
Dubai, UAE: Qashio, the Dubai-headquartered B2B spend management platform with operations and clients in 22 countries, including the UAE, Europe, the UK, and soon Saudi Arabia, has raised $19.8 million in its latest funding round. The capital will support further geographic expansion and scale what is already the largest B2B fintech loyalty program in the MENA region. Despite achieving profitability with over $1.2M in Q1 2025, the additional funds will enhance regulatory compliance ahead of the company's entry into Saudi Arabia and further extend its differentiated loyalty offering. Unlike typical cashback programs, Qashio's impressive Tier 1 partner network includes Emirates, Air France, KLM, Avios (British Airways, Iberia, Finnair), US Airways, and top hotel groups such as Jumeirah One, Accor, and IHG Intercontinental Hotel Group—benefits often unavailable to businesses through other expense management platforms. Category-Defining Momentum with a Superior and Scalable Product Suite The fundraising round, which consists of both equity and non-equity financing, was led by existing investor Rocketship, a Silicon Valley-based venture capital firm. 'We invested in Qashio because of their bold vision to modernize spend management in the Middle East, a region ripe for financial innovation. Their rapidly growing customer base positions them as a category-defining company in the GCC's digital transformation journey. We're proud to back a team that's not just solving a pain point, but transforming how companies across the region operate and grow' said Sailesh Ramakrishnan - Managing Partner at Rocketship. With over 800% YoY revenue growth for the third consecutive year, Qashio has proven its ability to scale with discipline. Several existing investors have reaffirmed their confidence by following on their previous commitments such as ABN Ventures, MITAA, and Oneway VC. The round also welcomed new strategic investors, such as Luxembourg-based European fund MoreThan Capital, major regional banks in MENA, and regional family offices from each market. 'MoreThan Capital chose to invest in Qashio due to its exceptional growth trajectory since launching from beta in 2022, its seasoned founding team, and its superior product suite —which is both broader and more advanced than regional competitors. Qashio's relentless innovation aligns with our vision, and we see tremendous potential in their MENA expansion strategy as well as their international ambitions. Their unique value proposition positions them strongly for success in the MENA as well as European market, and we're excited to support their journey with 'more than' capital" says Caroline Kracht - Managing Partner at MoreThan Capital. Supporting Finance Teams and SMEs with Industry-Focused Solutions Qashio has invested heavily in developing purpose-built products that support the financial health of its clients, from SMEs with five employees to global enterprises with strict compliance and security requirements, Qashio caters to them all. Its solutions are tailored to each industry, with custom offerings that reflect local and vertical-specific requirements. For firms with highly sensitive operations such as law practices, consulting firms, and government entities, as well as specialized sectors like travel, hospitality, retail, and high-volume e-commerce companies, Qashio offers customized corporate cards and embedded financial microservices to support operational efficiency. 'At Qashio we have learned that change often comes with resistance. We are committed to helping the companies that place their trust in us move away from the manual finance processes that slow them down. That's why we built and continue to evolve our loyalty program—to reward the right behavior with incentives such as air miles and hotel points that are otherwise difficult to obtain. We also offer the lowest cross-border fees and the highest cashbacks delivered transparently without lockdown periods and clawbacks, because every business drives behavior in their own way,' says Armin Moradi, CEO and Co-founder of Qashio. About Qashio Qashio is the largest and most comprehensive expense management platform in the region, operating with a global footprint. It is the first and only expense management company in MENA with an in-house-built loyalty program, and currently operates the largest B2B loyalty ecosystem in the region. With specialized cards designed for industry-specific use cases and embedded financial microservices, Qashio maintains its leadership position as both market leader and category pioneer. Founded in Dubai in 2021, the company now serves thousands of users daily across 22 countries with locally issued cards in each region and also provides multi-currency cards for certain industries within the UAE.
Zawya
3 days ago
- Business
- Zawya
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)
Fintech News ME
3 days ago
- Business
- Fintech News ME
Qashio Raises $19.8M to Fuel MENA and Saudi Expansion
Dubai-based business-to-business (B2B) spend management platform Qashio has secured US$19.8 million in its latest funding round, comprising both equity and non-equity financing. The round was led by existing investor Rocketship, a Silicon Valley-based venture capital firm, with further participation from ABN Ventures, MITAA, and Oneway VC. New strategic investors, including Luxembourg's MoreThan Capital, major banks in the MENA region, and regional family offices, also took part. Forbes Middle East reports that the funding will support Qashio's geographic expansion, the scaling of its fintech loyalty programme across the region, and efforts to enhance regulatory compliance ahead of its planned entry into Saudi Arabia. Qashio, founded in 2021 by Armin Moradi, provides B2B spend management solutions, including customised corporate cards and embedded financial services. Its offerings are tailored for sectors such as legal, consulting, government, travel, hospitality, retail, and high-volume e-commerce. The company previously raised US$10 million in a seed round. It reports having achieved over 800% year-on-year revenue growth for three consecutive years and recorded a first-quarter profit of more than US$1.2 million. The platform currently serves thousands of daily users across 22 markets, including the UAE, Europe, and the UK, with Saudi Arabia next on its roadmap.
