Qashio Wants To Transform Corporate Expense Management
Inc. Arabia speaks to the co-founders of corporate expense management platform Qashio about how fintechs can help corporates gain visibility on their expenses.
In the fast-evolving landscape of business leadership, Armin Moradi and Jonathan Lau wanted to address the apprehension associated with the term "cost-cutting," which conjures up fears of job losses or compromised quality. Together, they came up with a strategic approach that they believed could boost profitability and bolster the financial well-being of organizations in the UAE.
In 2021, the duo founded Qashio, a corporate card and expense management solution. Qashio, which aims to overhaul corporate expense management in MENA, issues corporate cards to employees and gives finance teams a spend management system to monitor spending as well as to set and control limits on different spending categories and vendors. Integrated with accounting software, the platform offers real-time insights and control over business expenditures through a centralized dashboard.
"In today's competitive landscape, cost-cutting is often misunderstood. Qashio aims to change this narrative by offering a comprehensive solution that empowers businesses to make informed financial decisions," Armin Moradi tells Inc. Arabia.
According to Moradi, the duo wanted to address a gap in the MENA market – the absence of tools providing immediate and transparent visibility into business expenses. Existing options were marked by fragmented banking and siloed software, leaving smaller businesses in the dark.
Today, Qashio simplifies financial management for businesses through its smart corporate card and comprehensive expense management system. "No existing corporate bank accounts provided this level of insight," Moradi tells us.
With Qashio, Moradi and Lau aim to transform finance teams from mere reporting units into champions of financial health and growth facilitators, by allowing them to leverage real-time data to eradicate inefficiencies, engage in proactive scenario planning, and strategic decision-making.
Moradi tells us that the partners envision Qashio as a "catalyst for transforming financial vigilance into a proactive, growth-driving force within organizations."
Qashio, which currently operates in the UAE and Saudi Arabia, has a software-as-a-service (SaaS) subscription-based revenue model. Clients can choose from tiered and modular subscription plans depending on their business needs.
Last year, the fintech secured a $10 million seed financing led by One Way Ventures, MITAA, and Cadorna Ventures, with regional investment partners including Sanabil 500 MENA, Nuwa Capital, Iliad Partners, and Phoenix Investments, which helped it expand from the UAE and into Saudi Arabia.
"Our next funding round will be our Series A, scheduled for 2024," Moradi tells us.
