- $19.8M funding round combining equity and non-equity financing
- Plans to expand into Saudi Arabia and scale its fintech loyalty program in MENA
800% YoY revenue growth for three consecutive years
Qashio, the enterprise spend management platform, has announced that it has raised $19.8 million in a new funding round that includes both equity and non-equity financing.
The round was led by existing investor Rocketship.vc from Silicon Valley, with participation from ABN Ventures, MITAA, and Oneway VC. Strategic new investors also joined the round, including MoreThan Capital from Luxembourg, regional banks across the MENA region, and several prominent family offices.
The funds will be used to support Qashio’s geographic expansion, scale its proprietary fintech loyalty program across the Middle East and North Africa, and strengthen its regulatory compliance efforts in preparation for entry into the Saudi Arabian market.
Currently, Qashio serves thousands of daily users across 22 countries, including the UAE, Europe, and the UK. Saudi Arabia is set to be a key focus in the company’s next growth phase.
The company has recorded over 800% year-on-year revenue growth for three consecutive years, with Q1 profits surpassing $1.2 million.
Founded in 2021 by Armin Moradi, Qashio offers B2B spend management solutions with customized corporate cards and embedded financial services tailored for sectors including legal, consulting, government, travel and hospitality, retail, and large-scale e-commerce.
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