Source: Forbes Middle East
Dubai-based business-to-business (B2B) spend management platform Qashio has raised $19.8 million in its latest funding round, combining equity and non-equity financing.
Latest funding round
The round was led by existing investor Rocketship, a Silicon Valley venture capital firm, with participation from ABN Ventures, MITAA, Oneway VC. Further, new strategic investors, including Luxembourg’s MoreThan Capital, major MENA banks, and regional family offices, also participated in the latest funding round.
Founded in 2021 by Armin Moradi, Qashio provides B2B spend management solutions, offering customized corporate cards and embedded financial services tailored for sensitive sectors such as legal, consulting, government, travel, hospitality, retail, and high-volume e-commerce.
The company plans to use the proceeds to support geographic expansion, scale its fintech loyalty program across the MENA region, and strengthen regulatory compliance ahead of its entry into Saudi Arabia.
Previously, Qashio raised $10 million in a seed round. According to the company, it has achieved over 800% year-on-year revenue growth for three consecutive years, reaching its first quarter profit of over $1.2 million.
The platform now serves thousands of daily users across 22 markets, including the UAE, Europe, and the UK, with Saudi Arabia next on its roadmap.
Startup landscape
Venture funding across the Middle East and North Africa (MENA) surged in the first quarter of 2025, with startups raising $1.5 billion, a 244% year-on-year jump from the $442 million secured during the same period in 2024, according to Wamda.
The funding boom was driven largely by fintech firms, which attracted over $1 billion across 36 deals. However, the quarter ended on a weak note. March saw a sharp downturn in funding activity, with total investment falling 76% to $127.5 million across 28 deals, down from $530 million in the previous month.
