Qashio, a UAE-based expense management platform, has collected $10m in its seed funding round to support its growth into the Kingdom of Saudi Arabia.
The capital was supplied by One Way Ventures, MITAA, Cadorna Ventures, Sanabil 500 MENA, Nuwa Capital, Iliad Partners and Phoenix Investments. Commitments also came from unnamed strategic family offices and angels.
This investment consisted of equity and non-equity financing.
With the funds, the company hopes to hire more staff and bolster its growth across the GCC region. It will also accelerate its product roadmap.
Founded in 2021, Qashio claims to be the first FinTech in the UAE to issue employee corporate cards programmatically. The spend management platform empowers business owners and finance leaders to gain full visibility and control of all expenses.
A dashboard has real-time tracking for every business expense and allows them to make informed cash flow decisions.
The platform enables finance and HR departments to improve reporting and get better visibility and control on cash flows.
Qashio CEO and co-founder Armin Moradi said, “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.
There have been several UAE FinTech companies to raise funds this year. Bayzat recently secured an investment from The Mohammed Rashid Innovation Fund (MBRIF). The funds were deployed to help the company hire more staff and release new features.
Bayzat is an all-in-one HR and employee benefits platform. Companies can automate HR, payroll and insurance processes to redirect resources on more important tasks.
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