Dubai-based business-to-business (B2B) spend management platform Qashio has secured US$19.8 million in its latest funding round, comprising both equity and non-equity financing.
The round was led by existing investor Rocketship, a Silicon Valley-based venture capital firm, with further participation from ABN Ventures, MITAA, and Oneway VC.
New strategic investors, including Luxembourg’s MoreThan Capital, major banks in the MENA region, and regional family offices, also took part.
Forbes Middle East reports that the funding will support Qashio’s geographic expansion, the scaling of its fintech loyalty programme across the region, and efforts to enhance regulatory compliance ahead of its planned entry into Saudi Arabia.
Qashio, founded in 2021 by Armin Moradi, provides B2B spend management solutions, including customised corporate cards and embedded financial services.
Its offerings are tailored for sectors such as legal, consulting, government, travel, hospitality, retail, and high-volume e-commerce.
The company previously raised US$10 million in a seed round.
It reports having achieved over 800% year-on-year revenue growth for three consecutive years and recorded a first-quarter profit of more than US$1.2 million.
The platform currently serves thousands of daily users across 22 markets, including the UAE, Europe, and the UK, with Saudi Arabia next on its roadmap.
Featured image credit: Qashio
