Why Is a Profitable Fintech Raising Nearly US$20M?
If you've ever run finance operations at a growing SME, you know the headaches: tracking spend, managing reimbursements, keeping an eye on cross-border payments, and juggling loyalty programs that don’t actually work for your business. That’s where Dubai-headquartered Qashio comes in—and they’re making big waves in the B2B fintech world, again.
In its latest funding round, Qashio has raised a substantial US$19.8 million—a mix of equity and non-equity financing—to fuel its expansion plans and reinforce its position as the region’s go-to spend management platform for businesses. This isn’t just another fintech story. It’s a story about a startup that's building something meaningful for SMEs and finance teams across 22 countries, from the UAE to the UK—and soon Saudi Arabia.
A Profitable Startup That's Still Raising Capital? Here's Why
Let’s pause on that for a second: Qashio isn’t raising because it needs cash to survive. Quite the opposite. The company has already hit profitability, reporting over US$1.2 million in Q1 2025 alone. So why raise? According to CEO and co-founder Armin Moradi, it’s about acceleration. These funds will support compliance as Qashio enters the Saudi market—a major regulatory undertaking—and scale what’s already the largest B2B fintech loyalty program in the MENA region.
But this loyalty program isn’t your typical 1 percent cashback offering. Qashio has built something different—something that actually delivers value for SMEs. Their Tier 1 loyalty partner network reads like a luxury travel wishlist: Emirates, Air France, KLM, Avios (covering British Airways, Iberia, Finnair), and hotel giants like Jumeirah One, Accor, and IHG. These aren’t benefits you usually find tied to a business card.
Backed by Global and Regional Heavyweights
Leading this round is none other than Rocketship VC, a Silicon Valley firm with an eye for breakout growth. “We invested in Qashio because of their bold vision to modernise spend management in the Middle East—a region ripe for financial innovation,” said Sailesh Ramakrishnan, Managing Partner at Rocketship. “They’re not just solving a pain point; they’re changing how businesses operate.”
Other existing investors like ABN Ventures, MITAA, and Oneway VC doubled down on their belief in Qashio by reinvesting. And the round attracted some heavyweight newcomers too, including European fund MoreThan Capital, regional banks, and influential family offices from across MENA.
Caroline Kracht of MoreThan Capital summed it up perfectly: “Qashio’s superior product suite is more advanced and broader than anything we’ve seen in the region. We’re excited to support their journey—not just with capital, but with strategic insight as they scale across MENA and into Europe.”
Built for Finance Teams—From 5 to 5,000 Employees
What makes Qashio resonate so deeply with SMEs is their laser focus on real, tangible solutions. Whether you're a five-person startup or a multinational enterprise, Qashio has built a platform that speaks your language. From automated expense tracking to embedded financial services and industry-specific corporate card offerings, they’ve considered the friction points in every vertical.
And the team hasn’t stopped at product. They’ve wrapped everything in a loyalty program that actually motivates smarter spend—rewarding businesses with travel perks, low cross-border fees, and cashback that’s transparent, immediate, and without hidden clawbacks.
The Human Side of Digital Transformation
Armin Moradi, Qashio’s CEO, is quick to acknowledge that “change often comes with resistance,” especially when businesses have been relying on manual processes for years. But his team is building tools that not only remove that friction but also reward companies for evolving. “We want to help finance teams shift from reactive to strategic. That’s why we built a loyalty program that incentivises the right behaviour—whether that’s streamlining expenses or planning travel more efficiently.”
A Regional Giant with Global Ambitions
Qashio isn’t just another fintech trying to ride the wave—it’s helping shape the wave, especially for SMEs. With over 800 percent year-on-year revenue growth for three years straight, it’s clear they’ve struck a chord with the market.
As they prepare to enter Saudi Arabia and eye deeper inroads into Europe, Qashio stands as a shining example of how fintech can empower businesses, not just with technology, but with understanding, transparency, and actual business value.
