Qashio Raises $19.8 Million to Accelerate Growth in Saudi Arabia
Dubai-based fintech startup Qashio has successfully closed a $19.8 million funding round as it looks to scale operations in Saudi Arabia. The investment, which comprises a combination of equity and venture debt, was led by Delivery Hero Ventures and ADQ’s DisruptAD, with support from global and regional investors including Outliers Venture Capital, Race Capital, and Soma Capital.
Founded in 2021 by Armin Moradi and Jonathan Lau, Qashio offers an expense management platform aimed at helping businesses digitize and automate their expense tracking, spending controls, and payments through both physical and virtual cards. This approach aims to enhance transparency and efficiently manage company spending.
The latest capital infusion is set to fuel Qashio’s ambitions, particularly in the Saudi Arabian market, where the company recently secured an Open Banking certification. The move underscores Qashio’s commitment to serving the region’s rapidly-evolving digital payments landscape.
A Qashio spokesperson said, “Saudi Arabia is a priority market, and this funding will enable us to grow our footprint, hire top local talent, and forge partnerships with key players in the ecosystem.“
With this latest round, Qashio joins the ranks of MENA fintech startups that are attracting significant investor interest, reflecting broader market confidence in the region’s digital transformation and regulatory support.
The company’s expansion plans also include further enhancing its core technology, building new product features, and supporting regulatory compliance initiatives, positioning Qashio to play a leading role in the shift towards cashless business operations in the Middle East.
— Team V.INO-LNK
