B2B FinTech platform Qashio raises $19.8m to expand into Saudi Arabia

May 28, 2025

Dubai-based Qashio, a B2B spend management platform, has closed a $19.8m funding round as it sets its sights on entering the Saudi Arabian market.

The company, which operates across 22 countries including the UAE, UK, and parts of Europe, is preparing to expand its footprint in the Gulf region with the support of new capital, according to a report from Wamda.

The round comprises both equity and non-equity financing and was led by existing backer Rocketship. Other participants included returning investors ABN Ventures, MITAA, and Oneway VC, alongside new entrants such as Luxembourg-based fund MoreThan Capital, regional banks in MENA, and several family offices from across the region.

Qashio provides a suite of spend management tools. Its offering includes customised corporate cards and embedded financial microservices, designed to support everything from SMEs to large enterprises with strict compliance needs.

Rocketship managing partner Sailesh Ramakrishnan said, “We invested in Qashio because of their bold vision to modernise spend management in the Middle East, a region ripe for financial innovation. Their rapidly growing customer base positions them as a category-defining company in the GCC’s digital transformation journey. We’re proud to back a team that’s not just solving a pain point but transforming how companies across the region operate and grow.”

Qashio CEO and co-founder Armin Moradi said, “MoreThan Capital chose to invest in Qashio due to its exceptional growth trajectory since launching from beta in 2022, its seasoned founding team, and its superior product suite—which is both broader and more advanced than regional competitors.

“Qashio’s relentless innovation aligns with our vision, and we see tremendous potential in their MENA expansion strategy as well as their international ambitions. Their unique value proposition positions them strongly for success in the MENA as well as the European market, and we’re excited to support their journey with ‘more than’ capital.”