UAE-headquartered fintech 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 commented, “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.
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.”
Qashio’s virtual and physical cards combined with its software allow businesses to manage their spending in a more automated and transparent way, saving hundreds of man-hours and reducing petty cash leakage in the process. Finance and HR departments benefit from better expense reporting, better visibility, control of cash flows and an empowered workforce.
Qashio has signed renowned brands and customers across KSA and UAE and continues to onboard clients.