Qashio, a Dubai-based B2B spend management platform, has raised $19.8 million in a new funding round combining equity and non-equity financing. The round was led by existing investor Rocketship VC, with participation from ABN Ventures, MITAA, and Oneway VC, alongside new strategic investors including MoreThan Capital, major MENA banks, and regional family offices.
Founded in 2021 by Armin Moradi, Qashio provides customised corporate cards and embedded financial services tailored to the needs of high-compliance industries such as legal, consulting, government, travel, hospitality, retail, and high-volume e-commerce.
The company will use the proceeds to accelerate its expansion across the MENA region, strengthen its regulatory infrastructure ahead of entering Saudi Arabia, and scale its fintech-powered loyalty program — allowing business customers to redeem spend points across a growing network of premium partners.
Qashio’s loyalty program now includes Emirates, Air France, KLM Royal Dutch Airlines, Avios, and United Airlines, as well as hotel groups such as Jumeirah, Accor, and IHG Hotels & Resorts. The platform offers cashback and rewards with no lock-in periods, exclusivity clauses, or clawbacks.
Qashio currently serves thousands of daily users across 22 markets including the UAE, UK, and Europe. It claims to have achieved over 800% year-on-year revenue growth for three consecutive years and reported $1.2 million in profit in the first quarter alone.
The company previously raised $10 million in a Seed round to support its entry into Saudi Arabia back in November, 2022. That round also combined equity and non-equity financing, and was led by global investors including One Way Ventures, MITAA, and Cadorna Ventures, along with Sanabil 500 MENA, Nuwa Capital, Iliad Partners, Phoenix Investments, and a number of strategic family offices and angels.
