Dubai-based B2B spend management platform Qashio has closed a $19.8 million funding round that combines equity and debt, as it prepares to enter the Saudi Arabian market.
The round was led by Silicon Valley firm Rocketship, with continued backing from ABN Ventures, MITAA and Oneway VC. New strategic investors include Luxembourg’s MoreThan Capital, several undisclosed banks in the MENA region and a number of regional family offices.
Founded in 2021 by Armin Moradi, Qashio provides corporate cards and embedded financial services tailored to the needs of businesses in legal, consulting, government and e-commerce sectors. Since launch, the startup has built operations across 22 markets, covering the United Arab Emirates, Europe and the United Kingdom.
Over the past three years, Qashio has recorded more than 800 percent year-on-year revenue growth each year. In its most recent quarter the company reported a profit of $1.2 million, according to Wamda.
This financial performance stands out amid a broader fintech boom in the MENA region, where startups raised $1.5 billion in the first quarter of 2025, with fintech firms capturing over $1 billion across 36 deals.
Qashio plans to allocate the new capital towards several key priorities. First, it will expand its geographic footprint, starting with a launch in Saudi Arabia. To support that move, the company will enhance its regulatory compliance capabilities and build relationships with local partners.
It also intends to roll out a fintech loyalty program across the MENA region, offering businesses rewards and incentives tied to their spend management activity.
The strategic support from new and existing investors will give Qashio access to regional networks and expertise as it scales. Rocketship’s leadership of the round underscores growing international interest in MENA fintechs.
For Qashio, which combines corporate payment tools with embedded services such as virtual accounts and automated expense workflows, the funding provides a runway to accelerate product development and market entry.
As competition intensifies across the region, Qashio’s strong growth metrics and profitable quarter position it well for its next phase. The Saudi market entry will test its ability to adapt to a new regulatory environment and address the specific needs of large enterprises and government clients.
If successful, the move could set the stage for further expansion across the Gulf Cooperation Council and beyond.
