UAE – Mubasher: Dubai-headquartered fintech company Qashio has raised $19.80 million in its latest funding round to expand into Saudi Arabia and deepen its business-to-business (B2B) program across the MENA region.
The fundraising transaction is a mix of equity and non-equity funding, led by existing investor Rocketship VC, with participation from MoreThan Capital, regional banks, and family offices, according to a press release.
Sailesh Ramakrishnan, Managing Partner at Rocketship, said: “We invested in Qashio because of their bold vision to modernize spend management in the Middle East. Their rapidly growing customer base positions them as a category-defining company in the GCC’s digital transformation journey.”
The platform generated profits exceeding $1.20 million in the first quarter (Q1) of 2025 and recorded over 800 year-on-year (YoY) revenue growth for the third consecutive year.
Armin Moradi, CEO and Co-Founder of Qashio, noted: “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 is 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,” Moradi elaborated.
He indicated: “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.”
Qashio launched the first corporate expense management card and software for business transactions across the UAE in 2022.
