Dubai-Based Qashio Pockets US$19.8 Million For Expansion

Dubai-based spend management platform Qashio has raised US$19.8 million in a new funding round to accelerate its expansion across the MENA region and scale its enterprise loyalty offering.

The round, comprising both equity and non-equity financing, was led by existing backer Rocketship, a Silicon Valley-based venture capital (VC) firm, with participation from returning investors  ABN Ventures, MITAA, and Oneway VC. New investors included Luxembourg’s MoreThan Capital, regional banks, and several family offices across various markets. 

Founded by Armin Moradi in the UAE in 2021, Qashio helps businesses streamline spending and improve efficiency through tailored corporate cards and embedded microservices for sectors including legal, consulting, hospitality, e-commerce, and government. The company, which now serves clients in 22 countries, including the UAE, Europe, and the UK, will use the new capital to support its expansion into Saudi Arabia, as well as to enhance regulatory compliance and build out its business-to-business (B2B) loyalty platform. 

In an interview with Inc. Arabia, Qashio COO Lydia Foott told us that, as the company scales, it is adapting to the unique needs of each region. “Each market and industry is unique,” she said. “While a one-size-fits-all approach may seem efficient, we’ve learned that success lies in working closely with the initial group of clients in each market to understand their specific needs. This approach has led to more effective product-market fit, organic growth, and continuous feedback loops that enhance our platform.” 

And while the company tailors its offerings to each market, it has adopted an iterative model, which allows it to apply insights learned in one market to the next, strengthening its offering across geographies. “We are able to cross-pollinate our learnings into other markets, with clients promoting us as well,” Foott added. “Ultimately, our goal is to create a network effect based on solving real problems, rather than imposing what their problems should be.” 

As the company expands into Saudi Arabia, it expects new regulatory challenges, particularly around know-your-customer (KYC) compliance. “KYC compliance is a key challenge in onboarding clients in Saudi Arabia,” Foott explained. “To address this, we are collaborating with partners to pre-KYC over 5,000 Saudi SMEs, ensuring the initial batch of clients are fully compliant to use Qashio as soon as we launch in the coming weeks.” 

Foott also noted that the platform will be fully available in Arabic to cater to local user preferences in Saudi Arabia. 

The company is also investing in its gamified B2B loyalty platforms, particularly with clients focused on digital transformation. “Qashio is expanding its product offering to support businesses in driving employee behavior aligned with digital transformation goals," Foott said. "Drawing from nearly two years of experience in loyalty, a key initiative has been the introduction of airline and hotel rewards. Through strategic tier one partnerships, Qashio incentivizes platform usage by awarding Qashio Points for specific actions.” 

These points can be redeemed with global travel brands such as Emirates, Air France, KLM, Avios (British Airways, Iberia, Finnair), United Airlines, Intercontinental, and Accor, or converted into cashback. “This gamification approach encourages correct system usage while delivering tangible value to users,” Foott added. 

After reporting over $1.2 million in earnings in Q1 2025 and achieving 800 percent year-on-year revenue growth for the third consecutive year, Qashio is now focused on sustaining that trajectory. In fact, Moradi, CEO of Qashio, told Inc. Arabia that focusing on building and sustaining long-term customer relationships has been key to the company's success, and he advised other B2B fintech founders looking to grow and scale their companies to focus on adding meaningful value to their customers. 

“Prioritize sustainable growth," Moradi said. "Retaining customers can be just as critical as acquiring new ones. Loyal clients evolve with your product, offer valuable feedback, and build trust over time if you invest in the relationship. While aggressive marketing may bring short-term gains, today’s clients are discerning and unlikely to commit long-term to a business offering only fleeting incentives. Focus on building enduring value and meaningful partnerships that stand the test of time.” 

Pictured in the lead image is Qashio's founder and CEO Amrin Moradi and COO Lydia Foott . Image courtesy Qashio.