Qashio, a Dubai-based B2B spend management platform, has successfully raised $19.8 million in its latest funding round, combining equity and non-equity financing.
The round was led by existing investor Rocketship, a Silicon Valley venture capital firm, with further participation from ABN Ventures, MITAA, and Oneway VC.
New strategic investors also joined, including MoreThan Capital from Luxembourg, major MENA banks, and regional family offices.
Founded in 2021 by Armin Moradi, Qashio delivers customized corporate cards and embedded financial services tailored for sensitive industries such as legal, consulting, government, travel, hospitality, retail, and high-volume e-commerce.
The funds will be used to support geographic expansion, scale its fintech loyalty program across MENA, and enhance regulatory compliance as it prepares to enter Saudi Arabia.
Previously, Qashio secured $10 million in a seed round. The company claims to have achieved over 800% year-on-year revenue growth for three consecutive years, reaching $1.2 million profit in Q1.
Qashio now serves thousands of daily users across 22 markets, including the UAE, Europe, and the UK, with Saudi Arabia next on the roadmap.
The funding comes amid a significant surge in venture capital across MENA, which hit $1.5 billion in Q1 2025, marking a 244% YoY increase compared to the same period in 2024, according to Wamda. Fintech companies led the boom, attracting over $1 billion across 36 deals.
However, the quarter ended weakly. March saw a 76% drop in funding, with total investment declining to $127.5 million across 28 deals, down from $530 million in February.
