On Wednesday, UAE-based fintech Qashio announced a USD 19.8 million mixed equity and non-equity fundraising round to expand across MENA. This fresh capital injection will help Qashio scale its B2B spend management platform, enter the Saudi market, and enhance compliance and loyalty programs for corporate clients.
Qashio’s bold move to transform B2B spend management in MENA
Qashio, which was founded in 2021 by Armin Moradi, offers innovative spend management solutions, such as smart corporate cards and integrated finance tools, for industries like retail, legal, consultancy, and government.
Many MENA businesses continue to use manual, disjointed systems to manage their expenses. By digitising and streamlining these processes, Qashio’s platform aids companies in better cost control.
The company has experienced strong revenue growth and reached profitability in Q1 2025. It serves users in 22 markets, including the UAE, UK, and Europe.
Silicon Valley’s Rocketship.vc led the latest funding round with ABN Ventures, MITAA, Oneway VC, Luxembourg’s MoreThan Capital, central MENA banks, and family offices. This diverse investor base signals growing confidence in Qashio’s model and the broader digital spend management sector.
Strategic expansion and enhanced corporate loyalty programs
With the USD 19.8 million raised, Qashio intends to increase regulatory compliance efforts and expand its presence in Saudi Arabia, a significant market in the MENA region. The company also aims to grow its fintech-enabled loyalty program designed to reward corporate clients and encourage platform adoption.
This expansion aligns with Qashio’s mission to replace outdated expense management practices with seamless digital solutions, improving transparency and control for businesses. The involvement of banks and family offices in the funding round underscores the fintech’s potential to reshape corporate financial operations across the region.
Qashio’s success story highlights the increasing appetite
MENA, where digital change is increasingly transforming company finances, for fintech innovation. Investors trust the company’s concept and performance because it raised approximately USD 20 million in four years.
This funding round follows Qashio’s earlier USD 10 million seed round, which supported hiring and initial growth in Saudi Arabia and the Gulf Cooperation Council (GCC). Now, with new capital and strategic partners, Qashio is well-positioned to lead the digital spend management revolution in MENA’s corporate sector.
