Qashio Secures $19.8M to Fuel Expansion into Saudi Arabia and Broaden B2B Loyalty Program 

UAE-based fintech company Qashio has raised $19.8 million in a combination of equity and non-equity financing, a move aimed at accelerating its entry into Saudi Arabia and expanding its offerings across the MENA region. The funding round was led by Silicon Valley’s Rocketship VC, with participation from MoreThan Capital, various regional banks, and family offices.

From Startup to Scale-Up

Founded in 2021 by Jonathan Lau and Armin Moradi, Qashio provides a spend management platform that allows businesses to gain real-time visibility and control over their expenses. The platform includes tools such as corporate cards, automated workflows, and integrated expense reporting—all designed to simplify finance operations. Notably, Qashio claims to be the first fintech in the UAE to offer corporate employee cards.

With operations spanning 22 countries—including the UAE, UK, and parts of Europe—the fintech is now preparing to enter the Saudi market, leveraging its momentum to comply with local regulations and enhance its enterprise offerings.

Profitability and Growth

Despite achieving profitability with more than $1.2 million in Q1 2025, Qashio opted to raise additional capital to strengthen regulatory infrastructure and invest in product development. This marks the company’s second major funding milestone following its $10 million seed round in 2022.

Backers have shown strong confidence in Qashio’s direction, citing consistent year-over-year revenue growth of over 800% for the past three years. Existing investors like ABN Ventures, MITAA, and Oneway VC returned for this round, joined by new strategic investors such as Luxembourg-based MoreThan Capital and multiple MENA-based financial institutions.

A Loyalty Program Built for Business

What sets Qashio apart is its business-focused loyalty program—a rare offering in the spend management space. Through partnerships with top-tier travel and hospitality brands like Emirates, Air France, KLM, British Airways (Avios), Jumeirah, Accor, and IHG, users can earn meaningful rewards such as air miles and hotel points. Unlike traditional cashback systems, Qashio’s approach is tailored to suit the spending behaviors of corporates, without hidden fees, clawbacks, or waiting periods.

Built for Every Business

Qashio’s platform is designed to serve a wide spectrum of businesses—from startups with a handful of employees to multinational corporations with complex compliance needs. It offers industry-specific solutions, including tailored corporate card configurations and embedded financial services. The company is especially focused on high-compliance sectors like law, consulting, government, and industries like travel, retail, and e-commerce.

A Vision for the Future

“Our mission is to help businesses transition away from outdated, manual financial processes,” said CEO and co-founder Armin Moradi. “We’ve built a platform that not only simplifies expense management but actively rewards positive financial behaviors. Whether it's through our loyalty ecosystem or our low cross-border fees, we aim to drive real value for our users.”

With fresh capital in hand, a proven track record of growth, and a robust product suite, Qashio is positioning itself as a key player in the digital transformation of finance across the Middle East—and soon, beyond.