Qashio Secures $19.8M to Accelerate Saudi Expansion in Fintech Push

Editorial Team

Last updated 28-05-2025

2 min

Dubai-based fintech Qashio closed a $19,8 million funding round, including equity and non-equity funds.

Supported by Rocketship, new investors like MoreThan Capital and MENA banks also participated.

The funds will help Qashio expand into Saudi Arabia and enhance MENA fintech programmes.

Qashio reported 800% annual revenue growth, serving users in 22 countries, including the UAE and UK.

Founded by Armin Moradi, it provides corporate cards and financial services for diverse sectors.

Dubai-based fintech platform Qashio, which helps companies get a handle on their spending, has just wrapped up a funding round worth $19.8 million. It's a pretty sizeable investment that includes both equity and non-equity funds.

Leading the round was Rocketship, the Silicon Valley investor already involved with Qashio, joined by ABN Ventures, MITAA, and Oneway VC. The lineup didn't stop there—with new strategic backers getting on board, including Luxembourg's MoreThan Capital, a number of banks from the MENA region, and several regional family offices.

According to Qashio, the fresh injection of funds will help expand their geographical reach, particularly into Saudi Arabia—a market that's definitely on their radar. They're also planning to beef up their fintech loyalty programme across the Middle East and North Africa, while stepping up compliance efforts to tick all the tricky regulatry boxes required to launch operations smoothly in Saudi.

Qashio is already serving thousands of daily users across 22 countries, including UAE, other regions in Europe and right here in the UK. It seems Saudi Arabia is the next piece of the puzzle for their continued growth.

Looking at the numbers, it's pretty clear they're onto something—Qashio reported revenue growth of over 800% annually for the past three years, with first-quarter profits alone hitting over $1.2 million.

Founded by Armin Moradi back in 2021, the company primarily offers dedicated corporate cards along with embedded financial services tailored towards specific business sectors. Their clientele spans industries as diverse as government, legal firms, consultancies, large-scale e-commerce outfits, travel, hospitality, and high-street retailers.

It's fair to say Qashio seems well primed for the next chapter of its journey—although, they'll probably be taking the odd deep breath or two before plunging into Saudi Arabia's competitive market. Watch this space on Arageek; it's shaping up to be interesting.

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