UAE fintech Qashio raises $19.8 million in equity and non-equity financing to propel its expansion across the Middle East and North Africa (MENA). Existing investor Rocketship VC was joined by ABN Ventures, MITAA and Oneway VC and brought in the round’s new strategic backers which included Luxembourg’s MoreThan Capital, regional banks and family offices.
Launched in 2021 by Armin Moradi Qashio is a B2B spend management platform that provides white label corporate cards and embedded financial services for verticals including legal, consulting, government, travel, hospitality, retail and e commerce. According to the company, the fresh funds will go towards entering the Saudi Arabian market, growing its fintech loyalty programme across MENA and strong regulatory compliance.
On top of that, Qashio has partnerships with main airlines and hotels, so that the customer can get rewards such as air miles and hotel points within their loyalty ecosystem. The goal of this approach is to incentivise business spending and to position Qashio different against some other fintech companies.
The company reports revenue that grows over 800 percent year over year (YoY) for three consecutive years and becomes profitable during the first quarter of 2025 with earnings in excess of $1.2 million. Qashio serves thousands of daily users across 22 market including the UAE, Europe and the UK.
With this funding round, Qashio will be further modernizing spend management in the Middle East and using technology to meet business spend needs with efficient and bespoke financial solutions throughout the region.
