Qashio Founder Armin Moradi On Building The MENA’s Only Bank-Backed Spend Management Platform

When a banking heavyweight decides to back a young fintech, it’s more than a financial transaction— it’s also an endorsement of the startup’s foundations. That was the impression driven home in September this year when the KSA-based, Shariah-compliant Alinma Bank took a strategic stake in and entered into a partnership with the UAE-born spend management platform Qashio.

For founder and CEO Armin Moradi, the development is both a validation and a turning point for his company. “For a leading Saudi bank like Alinma to take a strategic stake in Qashio, it is a strong signal that the Saudi market is ready for modern spend management solutions,” Moradi told Inc. Arabia in an interview. “Their investment is both a vote of confidence in the future of Saudi fintech, and a powerful endorsement of Qashio’s technology. It gives us the credibility and backing needed to accelerate adoption in the Kingdom.”

Founded in the UAE in 2021, Qashio made its entry in a rather crowded fintech space, but it managed to quickly stand out. For one, it was the first company in the UAE to issue corporate employee cards, carving a niche in expense visibility and control for finance leaders. Today, Qashio’s offerings are used by more than 10,000 active users across the region, with the startup’s services including everything from real-time expense reporting to policy enforcement.

That traction has led to the investment Qashio has secured from Alinma. But it is not just about capital—by bringing Qashio into its fintech portfolio (which includes enterprises like Amwal Tech, Ejari, Lean Technology, NearPay, and several local venture capital funds), Alinma is effectively tying the platform’s future to its own corporate strategy. The two will work together to build a spend management platform tailored for Saudi SMEs and large corporates, combining Alinma’s vast client base with Qashio’s fast-evolving technology.

“This partnership allows us to deliver the best-in-class spend management tools to their customers, enabling them to scale with greater control and efficiency,” Moradi said. “Together, we can ensure that every card, transaction, and policy operates seamlessly for Saudi businesses. Most importantly, Alinma’s support positions Qashio to expand faster and deeper into the Saudi market, while giving enterprises the reassurance of working with a bank-backed platform built for their needs.”

That support from Alinma has also elevated Qashio’s position in the regional market, giving it a distinction that no other platform in MENA can lay claim to. “With the backing of Alinma Bank, Qashio is now the only bank-backed spend management solution in MENA,” Moradi noted. “With more than 10,000 active users already, we’re positioned to defend and grow our market share by combining local expertise, enterprise-grade technology, and the credibility of a trusted banking partner.”

Alinma’s stake in Qashio is also aligned with the Kingdom’s Vision 2030, which has prioritized financial innovation and the shift to a cashless economy as part of broader economic diversification. For Qashio, the timing couldn’t be better. The company had raised US$19.8 million in funds in May, with its backers including Rocketship.vc, MoreThan Capital, regional banks, and family offices, and the new Saudi partnership thus represents a natural extension of its regional growth strategy.

But as Qashio sharpens its edge, it is also facing a market that is becoming increasingly competitive. Regional challengers and global incumbents are all vying for space, though Moradi views challengers as a catalyst rather than a threat. “Competition is healthy; it pushes all of us to innovate faster,” he said. “At Qashio, our differentiation comes from three pillars: our people, our technology, and our partnerships.”

According to Moradi, Qashio’s vision has been turned into reality thanks to the depth of its team’s experience. With backgrounds spanning global systems and regional markets, the team’s expertise enables the company to build solutions that truly serve local businesses, while also anticipating challenges down the road. “Our team is entirely local to the region,” Moradi said. “With experience across global financial ecosystems like Oracle, Odoo, and SAP, they know the challenges local businesses face. Plus, my background is as both an ex-Oracle leader and a former finance director; so, I understand first-hand the pain points finance leaders face, and how to solve them at scale.”

A scene from Qashio and Alinma Bank's partnership ceremony. 

Another of Qashio’s advantages comes through the fact that its platform equips companies to scale with confidence at every stage. “Unlike many spend management tools that focus only on SMEs, Qashio is built to support the full growth journey: from early-stage startups to large enterprises,” Moradi pointed out. “Our reporting provides chief financial officers with board-level insights, while remaining simple enough for first-time founders to navigate.”

In addition, while competitors in the space often emphasize compliance or efficiency, Qashio has made loyalty its defining edge. In the UAE, the company has built an ecosystem of rewards that includes partnerships with the likes of players like Emirates Skywards, Avios, Air France, KLM, Jumeirah One, Accor Hotels, Intercontinental, and Shukran—a strategy that Moradi believes captures how businesses will think about spending in the future.

“Loyalty shouldn’t be an add-on,” Moradi explained. “It’s central to how businesses think about spending… In our personal lives, we already optimize every transaction, using a cashback card for daily expenses, or a travel card for flights to maximize rewards. Businesses shouldn’t be any different. Corporate spending is one of the largest cost centers, and optimizing it through rewards has a direct impact on the bottom line.”

Moradi sees this focus on loyalty as part of a bigger shift in how companies approach finance, where spending is no longer just about control, but also about creating value. “The future of spend management lies in convergence: combining control, compliance, and visibility with meaningful loyalty benefits,” he said. “At its most mature stage, every organization will look for ways to make every dollar work harder. Qashio’s loyalty ecosystem is our response to that reality, turning everyday business expenses into tangible value through airline, hotel, retail, and cashback rewards.”

Such an outlook reflects the lessons that Moradi picked up along his entrepreneurial trajectory. “It’s been a long journey, and my biggest advice is to get the foundations right,” he said. “Hire the best people you can find, and then listen to them. Your team will be your greatest asset. Focus on solving a real, urgent problem and building the best possible solution around it. If you do that with discipline, the results will follow. Qashio would not be where it is today without the trust and feedback of our clients. We’ve been obsessed with providing an incredible service experience, and that customer-centric mindset has shaped every product decision we’ve made.”

This leads into Moradi’s notes for fintech founders in the region’s fintech space. “Earn trust early,” he advised. “You’re asking people to trust you with their money; so, credibility, compliance, and transparency are non-negotiable. Think long-term about partnerships. Building relationships with regulators, banks, and industry leaders takes time. Start early, and be consistent. Move fast, but build responsibly. Innovation is exciting, but in fintech, the margin for error is thin. Balance speed with security and compliance. Stay resilient. The path to success is not linear. There will be setbacks, but every challenge sharpens your product and your team.”

Pictured in the lead image is Qashio founder and CEO Armin Moradi. All images courtesy Qashio. 

This article first appeared in the October 2025 issue of Inc. Arabia magazine. To read the full issue online, click here.

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