Qashio, the Dubai-headquartered B2B spend management platform with operations and clients in 22 countries—including the UAE, Europe, the UK, and soon Saudi Arabia—has raised US$19.8 million in its latest funding round. The capital will support further geographic expansion and scale what is already the largest B2B fintech loyalty programme in the MENA region.
Despite achieving profitability with over US$1.2 million in Q1 2025, the additional funds will enhance regulatory compliance ahead of the company’s entry into Saudi Arabia and further extend its differentiated loyalty offering.
Unlike typical cashback schemes, Qashio’s impressive Tier 1 partner network includes Emirates, Air France, KLM, Avios (British Airways, Iberia, Finnair), US Airways, and leading hotel groups such as Jumeirah One, Accor, and IHG Intercontinental Hotel Group—benefits often unavailable to businesses through other expense management platforms.
Category-Defining Momentum with a Superior and Scalable Product Suite
The fundraising round, comprising both equity and non-equity financing, was led by existing investor Rocketship, a Silicon Valley-based venture capital firm.
“We invested in Qashio because of their bold vision to modernise spend management in the Middle East, a region ripe for financial innovation. Their rapidly growing customer base positions them as a category-defining company in the GCC’s digital transformation journey. We’re proud to back a team that’s not just solving a pain point, but transforming how companies across the region operate and grow,” stated Sailesh Ramakrishnan, Managing Partner at Rocketship.
With over 800% year-on-year revenue growth for the third consecutive year, Qashio has demonstrated its ability to scale with discipline. Several existing investors have reaffirmed their confidence by following on their previous commitments, including ABN Ventures, MITAA, and Oneway VC. The round also welcomed new strategic investors, such as Luxembourg-based European fund MoreThan Capital, major regional banks in MENA, and regional family offices from each market.
“MoreThan Capital chose to invest in Qashio due to its exceptional growth trajectory since launching from beta in 2022, its seasoned founding team, and its superior product suite—which is both broader and more advanced than regional competitors. Qashio’s relentless innovation aligns with our vision, and we see tremendous potential in their MENA expansion strategy as well as their international ambitions. Their unique value proposition positions them strongly for success in the MENA as well as European market, and we’re excited to support their journey with ‘more than’ capital,” said Caroline Kracht, Managing Partner at MoreThan Capital.
Supporting Finance Teams and SMEs with Industry-Focused Solutions
Qashio has invested heavily in developing purpose-built products that support the financial health of its clients. From SMEs with five employees to global enterprises with strict compliance and security requirements, Qashio caters to all. Its solutions are tailored to each industry, with bespoke offerings that reflect local and vertical-specific needs.
For firms with highly sensitive operations such as law practices, consulting firms, and government entities, as well as specialised sectors like travel, hospitality, retail, and high-volume e-commerce, Qashio offers customised corporate cards and embedded financial microservices to enhance operational efficiency.
“At Qashio, we have learned that change often comes with resistance. We are committed to helping the companies that place their trust in us move away from the manual finance processes that slow them down. That’s why we built and continue to evolve our loyalty programme—to reward the right behaviour with incentives such as air miles and hotel points that are otherwise difficult to obtain. We also offer the lowest cross-border fees and the highest cashbacks delivered transparently without lock-in periods and clawbacks, because every business drives behaviour in its own way,” stated Armin Moradi, CEO and Co-founder of Qashio.
