Middle East startups on a fund-raising spree

The UAE-based fintech startup Qashio raised $10 million in a seed funding round using equity and non-equity investments to accelerate expansion into Saudi Arabia.

Established in 2021, the company enables businesses to gain full visibility and control over their expenses through its spend management platform. In addition, it claims to be the first fintech company in the UAE to issue corporate employee cards.

“Saudi Arabia is making great efforts to align with its Vision 2030 by taking fintech-friendly approaches and bringing more fintech firms into the market. At Qashio, we are proud to be an integral part of propelling a cashless society in the UAE and now Saudi Arabia,” Armin Moradi, CEO and co-founder of Qashio, said in a statement.

The company already serves clients in the UAE and Saudi Arabia but will use its acquired funding to accelerate further customer acquisition and market presence in the Kingdom.