Dubai-headquartered fintech Qashio has raised $19.8 million in a mix of equity and non-equity funding led by existing investor Rocketship VC, with participation from MoreThan Capital, regional banks, and family offices, it announced on Tuesday. The startup did not disclose the breakdown between equity and debt. It previously raised $10 million in a seed round in 2022.
Founded in 2021 by Jonathan Lau and Armin Moradi, Qashio operates a spend management platform that enables businesses to control and track their expenses. The startup claims to be the first fintech in the UAE to issue corporate employee cards and currently serves clients across 22 countries including the UAE, Europe, and the UK.
The company will use the capital to expand into Saudi Arabia and scale its B2B loyalty program across the MENA region.
The funding comes as the company reports achieving profitability, with the startup claiming over $1.2 million in profit during Q1 2025 alone suggesting an annual profit run-rate of nearly $5 million if sustained. Qashio states it has demonstrated strong growth momentum with over 800% year-over-year revenue growth for three consecutive years, though specific revenue figures were not disclosed.
Several existing investors including ABN Ventures, MITAA, and Oneway VC participated in follow-on investments, signaling continued confidence in the company’s trajectory.
What distinguishes Qashio from competitors, according to the company, is its comprehensive B2B loyalty program, which it claims is the largest in the MENA region. The platform has secured partnerships with major brands including Emirates, Air France, KLM, British Airways, and hotel groups such as Jumeirah One, Accor, and IHG Intercontinental Hotel Group; benefits the company says are typically unavailable through other expense management platforms.
Armin Moradi, co-founder and CEO of Qashio said, “We have learnt that change often comes with resistance. We are committed to helping the companies that place their trust in us move away from the manual finance processes that slow them down. That’s why we built and continue to evolve our loyalty programme; to reward the right behavior with incentives such as air miles and hotel points that are otherwise difficult to obtain.”
“We also offer the lowest cross-border fees and the highest cashbacks delivered transparently without lockdown periods and clawbacks because every business drives behavior in their own way,” he added.
“We invested in Qashio because of their bold vision to modernize spend management in the Middle East, a region ripe for financial innovation,” said Sailesh Ramakrishnan, Managing Partner at Rocketship. “Their rapidly growing customer base positions them as a category-defining company in the GCC’s digital transformation journey.”
The round also welcomed new strategic investor MoreThan Capital, a Luxembourg-based European fund. Caroline Kracht, Managing Partner at MoreThan Capital, cited Qashio’s growth trajectory since launching from beta in 2022 and its product suite as key investment drivers.
Qashio states its platform caters to businesses ranging from SMEs with five employees to global enterprises with strict compliance requirements. The company offers industry-specific solutions tailored to sectors including law practices, consulting firms, government entities, travel, hospitality, retail, and e-commerce.
The additional funding will enhance regulatory compliance ahead of the company’s planned Saudi Arabia market entry.
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