Qashio, a UAE-based FinTech raised $10 million

By Leandra Monteiro

Qashio has raised $10 million in a seed round, with the participation of strategic international and regional investors to accelerate its expansion into the Kingdom of Saudi Arabia.

The seed funding round is supported by global investors such as One Way Ventures (early investors in Brex), MITAA, Cadorna Ventures, as well as regional investors such as Sanabil 500 MENA, Nuwa Capital, Iliad Partners, Phoenix Investments and strategic family offices and angels. The round consists of both equity and non-equity financing.

Armin Moradi, CEO and co-founder of Qashio said: “Saudi Arabia is making great efforts to align with its Vision 2030; takes fintech-friendly approaches and brings more fintech firms into the market. At Qashio, we are proud to be an integral part of driving forward a cashless society in the UAE and now KSA. We are committed to helping businesses move away from all these manual finance processes and gain more visibility and control by providing a safe, secure solution that is ready to deploy in enterprise class as well as SMBs.

Qashio has brought in experienced managers and advisers to round out the team. Eric Menorval, well-known CTO of banking group Namutek Fintech in Central America, has joined to lead the technical development and integrations; Arun Khehar, former SVP at Oracle ECEMEA and Antoine Massad, former CEO of MAN Group MENA and Majid Al Futtaim Asset Management have recently joined the advisory board, bringing decades of expertise in business software and investment networks across the region.

Jonathan Lau, CPO and co-founder of Qashio said, “We are grateful to all our investors and advisors for their support of our expansion into the largest country in the Middle East. This round of funding will help us expand hiring and growth into Saudi Arabia and other parts of the GCC, as well as accelerate the implementation of product roadmap. We are excited for the days ahead.”

With Qashio, business owners, CFOs, HR managers and finance teams can set spending limits on virtual and physical cards issued in seconds, and limit and control spending categories and vendors. This eliminates the use of cash, avoids delayed expense claims, reduces the amount of work involved in reimbursements and ultimately replaces manual invoicing and vendor/supplier payment.