Dubai fintech Qashio raises $19.8 million in debt and fairness to broaden its spend administration platform into Saudi 

Dubai-headquartered fintech Qashio has raised $19.8 million in a mixture of fairness and non-equity funding led by present investor Rocketship VC, with participation from MoreThan Capital, regional banks, and household workplaces, it introduced on Tuesday. The startup didn’t disclose the breakdown between fairness and debt. It beforehand raised $10 million in a seed spherical in 2022.

Based in 2021 by Jonathan Lau and Armin Moradi, Qashio operates a spend administration platform that permits companies to manage and monitor their bills. The startup claims to be the primary fintech within the UAE to situation company worker playing cards and at present serves purchasers throughout 22 nations together with the UAE, Europe, and the UK.

The corporate will use the capital to broaden into Saudi Arabia and scale its B2B loyalty program throughout the MENA area.

The funding comes as the corporate stories attaining profitability, with the startup claiming over $1.2 million in revenue throughout Q1 2025 alone suggesting an annual revenue run-rate of practically $5 million if sustained. Qashio states it has demonstrated sturdy development momentum with over 800% year-over-year income development for 3 consecutive years, although particular income figures weren’t disclosed.

A number of present traders together with ABN Ventures, MITAA, and Oneway VC participated in follow-on investments, signaling continued confidence within the firm’s trajectory.

What distinguishes Qashio from rivals, in line with the corporate, is its complete B2B loyalty program, which it claims is the biggest within the MENA area. The platform has secured partnerships with main manufacturers together with Emirates, Air France, KLM, British Airways, and lodge teams reminiscent of Jumeirah One, Accor, and IHG Intercontinental Resort Group; advantages the corporate says are sometimes unavailable by different expense administration platforms.

Armin Moradi, co-founder and CEO of Qashio mentioned, “Now we have learnt that change usually comes with resistance. We’re dedicated to serving to the businesses that place their belief in us transfer away from the handbook finance processes that gradual them down. That’s why we constructed and proceed to evolve our loyalty programme; to reward the appropriate habits with incentives reminiscent of air miles and lodge factors which are in any other case tough to acquire.”

“We additionally provide the bottom cross-border charges and the best cashbacks delivered transparently with out lockdown durations and clawbacks as a result of each enterprise drives habits in their very own means,” he added.

“We invested in Qashio due to their daring imaginative and prescient to modernize spend administration within the Center East, a area ripe for monetary innovation,” mentioned Sailesh Ramakrishnan, Managing Companion at Rocketship. “Their quickly rising buyer base positions them as a category-defining firm within the GCC’s digital transformation journey.”

The spherical additionally welcomed new strategic investor MoreThan Capital, a Luxembourg-based European fund. Caroline Kracht, Managing Companion at MoreThan Capital, cited Qashio’s development trajectory since launching from beta in 2022 and its product suite as key funding drivers.

Qashio states its platform caters to companies starting from SMEs with 5 staff to international enterprises with strict compliance necessities. The corporate provides industry-specific options tailor-made to sectors together with legislation practices, consulting companies, authorities entities, journey, hospitality, retail, and e-commerce.

The extra funding will improve regulatory compliance forward of the corporate’s deliberate Saudi Arabia market entry.

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