Qashio, a UAE-based fintech company, has raised $10 million in seed funding
- ByStartupStory | November 23, 2022
Qashio, a fintech firm, has acquired $10 million in a seed round of funding. Strategic regional and international investors, including One Way Ventures, Cadorna Ventures, MITAA, Sanabil 500 MENA, Iliad Partners, Nuwa Capital, and other angels, participated in the fundraising. Both equity and non-equity financing are included in the fundraising.
According to a Wamda article, the corporation plans to hasten its expansion into Saudi Arabia with the help of this cash.
Jonathan Lau and Armin Moradi launched the company in 2021. The first fintech business in the UAE to offer employee corporate cards is Qashio. The platform makes it possible for lenders and business owners to see and manage their experiences. Lex Zhao, Partner at One Way Ventures, said, “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.”
The dashboard of the platform incorporates real-time tracking for all business expenses and enables companies and SMEs to manage cash flow effectively. Armin claimed that Saudi Arabia is already exerting substantial effort to realize Vision 2030 when it comes to regional growth. The area is adopting a fintech-friendly stance and supporting the establishment of new fintech companies there. The business has already hired executives, including Eric Menorval, the CTO of Namutek Fintech; Antoine Massad, the former CEO of MAN Group MENA; and Arun Khehar, the former SVP of Oracle ECEMEA. In addition to what Armin said, Jonathan emphasized that the fundraising round will aid Qashio’s expansion not only into Saudi Arabia but also throughout the greater GCC region.
The software, combined with the platform’s real and virtual cards, aids businesses in managing their spending. A number of well-known companies have already joined the startup, including Nana, Yaa Foods, Al Shiha Group, Instashop, Saif Belhasa, Papa John’s, Bulldozer Group, and others.
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