Emirati Fintech Startup Qashio Raises $10 Million in Seed Round

Qashio, a UAE-based fintech startup, has raised $10 million in a Seed round with participation from international and regional investors to expand to Saudi Arabia. 

The funding round, which consisted of equity and non-equity financing, included global investors such as One Way Ventures, MITAA and Cadorna Ventures, as well as regional investors such as Sanabil 500 MENA, Nuwa Capital, Iliad Partners, Phoenix Investments, alongside angels and family offices.

Founded in 2021 by Jonathan Lau and Armin Moradi, Qashio enables businesses to have full visibility and control of all their expenses through its spend management program. The startup also claims to be the first fintech in the UAE to issue employee corporate cards programmatically.

“Saudi Arabia is making great efforts to align with its Vision 2030; taking fintech-friendly approaches and bringing more fintech firms into the market,” Armin Moradi, CEO and Co-Founder of Qashio, tells StartupScene. “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.”

According to the startup, Qashio’s virtual and physical cards, combined with its software, allow businesses to manage their spending in a more automated way, setting spending limits and controlling cash flow to help employees make informed financial decisions.

To date, Qashio works with well known brands in the UAE and KSA including Nana, Swiss International, Yaa Foods, Al Shiha Group, Instashop, Saif Belhasa, and Papa Johns amongst others. It also was the winner of the Gulf Capital FinTech Business Solution of the Year 2022.