UAE spend management platform Qashio has raised US$10 million in equity and non-equity seed funding in a round led by One Way Ventures, a US fund investing in immigrant founders.
The round included participation from MITAA, Cadorna Ventures, Sanabil 500 MENA, Nuwa Capital, Iliad Partners, Phoenix Investments, as well as family offices and angel investors.
Founded in 2021, Qashio’s enterprise spend management platform provides businesses with real-time tracking for every business expense to enable them to make informed cash flow decisions.
The company’s virtual and physical cards combined with its software also allows businesses to manage their spending in a more automated and transparent way.
Qashio’s advisory board currently includes former Oracle ECEMEA SVP Arun Khehar, as well as former MAN Group MENA and Majid Al Futtaim Asset Management CEO Antoine Massad.
“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,”
said Lex Zhao, Partner at One Way Ventures.
“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,”
said Armin Moradi, CEO and Co-Founder of Qashio.
