Hub71 startup Qashio, an expense management solution for high-performing companies, has successfully raised $19.8 million in a recent funding round. This capital injection, a hybrid of equity and non-equity financing, will accelerate Qashio’s expansion, notably into Saudi Arabia, and bolster its innovative FinTech solutions in the UAE and the wider MENA region.
The funding round was spearheaded by Silicon Valley’s Rocketship VC, with contributions from More Than Capital, prominent regional banks, family offices, and returning investors such as ABN Ventures, MITAA, and Oneway VC. This diverse investor support reflects strong confidence in Qashio’s growth trajectory as a regional FinTech leader.
With this capital in hand, Qashio plans to:
- Expand into Saudi Arabia: Marking a major milestone in its regional growth strategy.
- Scale B2B loyalty programmes: Offering added value to enterprise clients.
- Advance product development: Continuing to refine and expand its suite of expense management solutions.
Since its founding in 2021 by Armin Moradi and Jonathan Lau, Qashio has demonstrated exceptional performance. The startup joined Hub71’s Cohort 16 in 2025, further solidifying its regional presence. Notable achievements include:
- 800% year-on-year revenue growth over 3 consecutive years.
- Profitability milestone: Over $1.2 million in profit reported in Q1 2025.
- Extensive user base: Supporting thousands of users across 22 countries.
Qashio’s funding success highlights the increasing appetite for digitised, streamlined expense management solutions and reflects the broader momentum of the region’s startup ecosystem, where ecosystems like Hub71 are propelling companies toward global competitiveness.
With $19.8 million in funding and a compelling growth strategy, Qashio is further expanding its footprint across the MENA region. As it enters new markets, the company is establishing itself as a key player in the region’s evolving fintech landscape.
