Qashio, the Dubai-headquartered B2B spend management platform with operations and clients in 22 countries, including the UAE, Europe, the UK, and soon Saudi Arabia, has raised $19.8 million in its latest funding round. The capital will support further geographic expansion and scale what is already the largest B2B fintech loyalty program in the MENA region.
Despite achieving profitability with over $1.2M in Q1 2025, the additional funds will enhance regulatory compliance ahead of the company’s entry into Saudi Arabia and further extend its differentiated loyalty offering.
Unlike typical cashback programs, Qashio’s impressive Tier 1 partner network includes Emirates, Air France, KLM, Avios (British Airways, Iberia, Finnair), US Airways, and top hotel groups such as Jumeirah One, Accor, and IHG Intercontinental Hotel Group—benefits often unavailable to businesses through other expense management platforms.
Category-Defining Momentum with a Superior and Scalable Product Suite
The fundraising round, which consists of both equity and non-equity financing, was led by existing investor Rocketship, a Silicon Valley-based venture capital firm.
“We invested in Qashio because of their bold vision to modernize 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” said Sailesh Ramakrishnan – Managing Partner at Rocketship.
With over 800% YoY revenue growth for the third consecutive year, Qashio has proven its ability to scale with discipline. Several existing investors have reaffirmed their confidence by following on their previous commitments such as ABN Ventures, MITAA, and Oneway VC. The round also welcomed new strategic investors, such as Luxembourg-based European fund MoreThan Capital, major regional banks in MENA, and regional family offices from each market.
“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 European market, and we’re excited to support their journey with ‘more than’ capital” says Caroline Kracht – Managing Partner at MoreThan Capital.
Supporting Finance Teams and SMEs with Industry-Focused Solutions
Qashio has invested heavily in developing purpose-built products that support the financial health of its clients, from SMEs with five employees to global enterprises with strict compliance and security requirements, Qashio caters to them all. Its solutions are tailored to each industry, with custom offerings that reflect local and vertical-specific requirements.
For firms with highly sensitive operations such as law practices, consulting firms, and government entities, as well as specialized sectors like travel, hospitality, retail, and high-volume e-commerce companies, Qashio offers customized corporate cards and embedded financial microservices to support operational efficiency.
“At Qashio we have learned that change often comes with resistance. We are committed to helping the companies that place their trust in us move away from the manual finance processes that slow them down. That’s why we built and continue to evolve our loyalty program—to reward the right behavior with incentives such as air miles and hotel points that are otherwise difficult to obtain. We also offer the lowest cross-border fees and the highest cashbacks delivered transparently without lockdown periods and clawbacks, because every business drives behavior in their own way,” says Armin Moradi, CEO and Co-founder of Qashio.
About Qashio
Qashio is the largest and most comprehensive expense management platform in the region, operating with a global footprint. It is the first and only expense management company in MENA with an in-house-built loyalty program, and currently operates the largest B2B loyalty ecosystem in the region.
With specialized cards designed for industry-specific use cases and embedded financial microservices, Qashio maintains its leadership position as both market leader and category pioneer. Founded in Dubai in 2021, the company now serves thousands of users daily across 22 countries with locally issued cards in each region and also provides multi-currency cards for certain industries within the UAE.
