Dubai-based spend management innovator Qashio is taking a big leap forward. With a fresh capital infusion of $19.8 million, the startup aims to expand into Saudi Arabia and further build out its B2B loyalty network across the MENA region. Backed by global and regional investors, Qashio’s rapid rise offers a compelling glimpse into the future of Middle Eastern financial tech.
Game-Changing Funding Round
Qashio secured $19.8 million in a hybrid of equity and debt, led by returning investor Rocketship VC. The round also included contributions from MoreThan Capital, regional banks, family offices, and past backers such as ABN Ventures, MITAA, and Oneway VC.
Though the funding split was undisclosed, the new investment builds on the $10 million seed raised in 2022 and arrives just as Qashio reports $1.2 million in profit for Q1 2025. If that pace holds, the company could be on track for a $5 million annual profit.
Vision-Driven Growth & Regional Ambitions
Founded in 2021 by Jonathan Lau and Armin Moradi, Qashio offers companies a full suite of tools to manage, track, and optimize spending. Its standout product—corporate cards issued in the UAE—has gained traction in 22 countries, including in Europe and the UK.
What’s next? Saudi Arabia. The funding will support regulatory compliance and entry into the Kingdom, an ambitious move into one of the region’s most lucrative fintech arenas.
Loyalty Innovation Sets Qashio Apart
Qashio claims to run the largest B2B loyalty platform in the MENA region, offering rewards like air miles and hotel points. Partnerships with Emirates, British Airways, KLM, Accor, and IHG elevate its value proposition.
CEO Armin Moradi emphasized that Qashio was built to challenge outdated finance systems:
“We reward smart expense behavior with benefits that are usually inaccessible—without fees, lock-in periods, or clawbacks.”
Trusted by a Growing Client Base
From five-person SMEs to global enterprises with strict compliance needs, Qashio’s tailored offerings serve diverse industries—law, consulting, retail, e-commerce, hospitality, and more.
Sailesh Ramakrishnan of Rocketship VC called the company “category-defining” and praised its role in the region’s digital transformation.
Conclusion: A Saudi Disruption in the Making
Qashio’s latest funding round solidifies its place among the Middle East’s top fintech players. With expansion into Saudi Arabia and ongoing platform development, the startup is poised to redefine how businesses manage their finances in the region.
