Qashio, a UAE-based FinTech raised $10m

By Leandra Monteiro

Qashio has raised $10 million in a seed round, with participation from strategic international and regional investors to accelerate 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; taking fintech-friendly approaches and bringing more fintech firms into the market. At Qashio, we are proud to be an integral part of propelling a cashless society in the UAE and now KSA. We are committed to helping companies move away from all those manual finance processes and get more visibility and control by providing a secure, safe solution that is ready for enterprise-grade deployment as well as SMEs.

Qashio has brought on seasoned executives and advisors to round out the team. Eric Menorval, well-known CTO from central America banking group Namutek Fintech, 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 enterprise software expertise and investment network across the region.

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

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