Dubai-based Qashio, a rapidly scaling B2B spend management platform, has secured $19.8 million in a new funding round to fuel its expansion across MENA and beyond, most notably into Saudi Arabia.
The company, already active in 22 countries across the UAE, Europe, and the UK, plans to use the funds to strengthen regulatory compliance and double down on what is now the largest fintech loyalty programme for businesses in the region.
This raise comes just after Qashio hit profitability in Q1 2025 with over $1.2 million in earnings, showcasing disciplined growth and product-market fit. But this round is about acceleration, especially in a market where regulatory readiness and loyalty differentiation could make or break entry.
Qashio’s standout loyalty ecosystem includes top-tier partners rarely seen in traditional B2B spend platforms, Emirates, Air France, KLM, Avios (British Airways, Iberia, Finnair), Jumeirah One, IHG, and Accor, among others, offering miles and perks that go far beyond generic cashback.
“At Qashio, we built and continue to evolve our loyalty programme to reward the right behaviour, with incentives like air miles and hotel points that are otherwise difficult to obtain,” said Armin Moradi, CEO and co-founder.
“We also offer the lowest cross-border fees and highest cashbacks, delivered transparently, with no lockdowns or clawbacks, because every business drives behaviour differently.”
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Qashio Doubles Down on MENA Ambitions
The funding round, which includes a mix of equity and non-equity financing, was led by returning investor Rocketship VC. Other participants include ABN Ventures, MITAA, and Oneway VC, along with strategic newcomers like Luxembourg-based MoreThan Capital, major regional banks, and prominent MENA family offices.
“We invested in Qashio because of their bold vision to modernise spend management in the Middle East,” said Sailesh Ramakrishnan, Managing Partner at Rocketship. “They’re not just solving a pain point, they’re transforming how companies across the region operate and grow.”
Caroline Kracht, Managing Partner at MoreThan Capital, echoed that sentiment: “Qashio’s growth since its 2022 beta launch has been exceptional. Their product suite is not just broader, but more advanced than regional competitors, positioning them for success in both MENA and Europe.”
With over 800% year-over-year revenue growth for three straight years, Qashio has become a category-defining player, especially as demand for tailored B2B financial tools surges across the region.
Qashio’s product suite is built to support finance teams from small startups to complex, compliance-heavy enterprises. Their platform includes customisable corporate cards and embedded financial microservices, tuned to the specific needs of industries like law, consulting, travel, hospitality, and e-commerce.
As the fintech arms race in the MENA region heats up, Qashio is proving that it’s not just about spend control, it’s about building a full-stack solution that helps businesses work smarter, earn better, and expand faster.
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