UAE based fintech firm Qashio raises $10M in seed funding
UAE-based fintech startup Qashio has raised $10 million in a seed funding round led by Nuwa Capital, Sanabil 500 MENA, Phoenix Investments, One Way Ventures, Iliad Partners, Cadorna Ventures, MITAA and others. The company aims to expand into Saudi Arabia.
Fintech startup has raised $10 million in a seed funding round. The fundraise saw participation from strategic regional and international investors like One Way Ventures, Cadorna Ventures, MITAA, Sanabil 500 MENA, Iliad Partners, Nuwa Capital, and other angels. The funding comprises both non-equity and equity financing.
A report in Wamda added with this funding, the company is looking to accelerate its expansion into Saudi Arabia.
The startup was founded by Armin Moradi and Jonathan Lau, in 2021.
Qashio is the first fintech company in the UAE to issue employee corporate cards. The platform helps enable business owners and lenders with visibility and control over their experiences.
The report in Wamda quotes Lex Zhao, Partner at One Way Ventures, "The co-founders Armin and Jonathan are a unique combination of deep ERP expertise and have a demonstrated track record of building world-class software products. We're excited and grateful to join this round and to share our experience as early investors in Chipper Cash and Brex.”
After launching maternity and teen wear, Alia Bhatt’s Ed-a-Mamma set to foray into UAE
The platform's dashboard also integrates real-time tracking for every business expense and allows enterprises and SMEs to make informed cash flow decisions. Speaking of their expansion in the region, Armin said Saudi Arabia is already making a significant effort to bring Vision 2030 to fruition. The region is taking a fintech-friendly approach and is also helping more fintech firms establish in the region.
The startup has already onboarded executives like the CTO from Namutek Fintech - Eric Menorval, Former CEO of MAN Group MENA - Antoine Massad, Former SVP, Oracle ECEMEA, Arun Khehar, and others. Adding to what Armin said, Jonathan added the round of funding will not only help Qashio to expand into Saudi but the larger GCC region as well.
The platform's physical and virtual cards along with the software help organisations manage their spends. The startup has already onboarded brands like Nana, Yaa Foods, Al Shiha Group, Instashop, Saif Belhasa, Papa Johns, Bulldozer Group and others.
Edited by Affirunisa Kankudti