Dubai-based fintech startup Qashio has just closed a fresh $19.8 million funding round, combining equity and non-equity financing. The round, led by existing backer Rocketship VC (a Silicon Valley-based investor), also saw strong participation from ABN Ventures, MITAA, Oneway VC, and new strategic partners like MoreThan Capital (Luxembourg), top MENA banks, and regional family offices.
This funding marks a major milestone for Qashio as it gears up to expand aggressively across the Middle East and North Africa (MENA), with Saudi Arabia next on its radar.
What does Qashio do?
Founded in 2021 by Armin Moradi, Qashio is a fast-growing B2B spend management platform. It offers customized corporate cards and embedded finance solutions specifically designed for industries where financial control and regulatory compliance are critical.
These include:
- Legal
- Consulting
- Government
- Travel & Hospitality
- Retail & E-commerce
Qashio helps businesses track and manage expenses with better visibility and automation, ultimately reducing fraud and improving cash flow management.
How will the $19.8M be used?
The company has ambitious plans, and this capital injection will be used to:
- ✅ Expand into new markets, starting with Saudi Arabia
- ✅ Scale its fintech loyalty program across the MENA region
- ✅ Boost compliance with increasingly complex regional regulations
This comes after a $10 million seed round, and since then, the company has seen explosive growth.
Record-Breaking Growth
Qashio isn’t just growing—it’s soaring. The company has reported:
- 800% YoY revenue growth—for three years in a row
- $1.2 million profit in Q1 2025
- Daily active users across 22 markets, including the UAE, Europe, and the UK
With the new funding, Qashio is poised to add Saudi Arabia to that list, tapping into one of the region’s most lucrative and rapidly evolving fintech landscapes.
MENA’s Fintech Boom – The Bigger Picture
This announcement comes at a time when venture capital in MENA is booming. According to Wamda, the region raised a whopping $1.5 billion in Q1 2025, a 244% increase compared to Q1 2024.
Highlights from the VC scene:
- Fintech leads the charge, raking in over $1B across 36 deals
- However, March 2025 saw a 76% dip in funding—only $127.5M across 28 deals, down from $530M in February
Despite the slowdown toward the quarter’s end, startups like Qashio continue to inspire confidence from global and regional investors alike.
What’s Next for Qashio?
With fresh funding, robust profits, and regional momentum, Qashio is on track to become a dominant force in MENA fintech. As it eyes expansion into Saudi Arabia and beyond, the company is doubling down on innovation, regulation-ready products, and enterprise-grade financial solutions that simplify the way businesses manage spending.