UAE-based fintech Qashio has raised $10 million in a seed round with participation from strategic international and regional investors in order to accelerate expansion into Saudi Arabia.
Founded in 2021, Qashio offers a spend management platform that enables businesses to gain full visibility and control of their expenses. It claims to be the first fintech startup in the UAE to issue corporate employee cards.
Qashio’s virtual and physical cards combined with its software allow businesses to manage their spending in a more automated and transparent way, saving hundreds of man-hours and reducing petty cash leakage in the process.
Furthermore, Qashio’s dashboard integrates real-time tracking for every business expense and allows enterprises and SMEs to make informed cash flow decisions.
The company said that “the investors in the round include One Way Ventures, MITAA, Cadorna Ventures, Sanabil 500 MENA, Nuwa Capital, Iliad Partners, Phoenix Investments, as well as angels and family offices. The round consists of both equity and non-equity financing.”
“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.”
Mr. Jonathan Lau, CPO, and co-founder of Qashio, said that, “We’re grateful to all our investors and advisors for their support on our expansion into the largest country in the Middle East. This round of funding will help us to expand hiring and growth into Saudi Arabia and other parts of the GCC as well as accelerate the execution of the product roadmap. We are excited for the days ahead.”
“The co-founders Armin and Jonathan are a unique combination of deep ERP expertise and have a demonstrated track record of building world-class software products. We’re excited and grateful to join this round and to share our experience as early investors in Chipper Cash and Brex,” noted Mr. Lex Zhao, Partner at One Way Ventures.