UAE fintech Qashio raises $10 million in seed funding to fuel expansion

UAE-based fintech Qashio, has raised $10 million in a seed round through a mix of equity and no equity financing for its geographical expansion into Saudi Arabia.

• Founded in 2021 by Jonathan Lau and Armin Moradi, Qashio offers a spend management platform that enables businesses to gain full visibility and control of their expenses.
• With Qashio, business owners, CFOs, HR Leaders and finance teams can set spending limits on virtual & physical cards issued in seconds, and limit and control spend categories and vendors. It claims to be the first fintech startup in the UAE to issue corporate employee cards.
• This eliminates the use of cash, avoids late expense claims, reduces the amount of work put into reimbursements and ultimately replaces manual invoicing and vendor /supplier payment.
• This helps businesses automate their spending process, saving hundreds of man-hours and reducing petty cash leakage in the process. Finance and HR departments benefit from better expense reporting, better visibility, control of cash flows and an empowered workforce.
• Some of Qashio clients include well-known brands such as Nana, Swiss International, Yaa Foods, Al Shiha Group, Tasoru Holding, Instashop, Saif Belhasa, EFS Facilities Management Services Group
• One Way Ventures (early investors in Brex), MITAA, Cadorna Ventures, Sanabil 500 MENA, Nuwa Capital, Iliad Partners, were among the investors in the round.