UAE – Mubasher: Qashio, a UAE-based fintech company, secured $10 million in a seed funding round through both equity and non-equity financing, in line with its plans to expand in Saudi Arabia, according to a press release.

The funding round was led by global investors such as; One Way Ventures, MITAA, and Cadorna Ventures. Regional investors also participated in the fundraising, including Sanabil 500 MENA, Nuwa Capital, Iliad Partners, Phoenix Investments, as well as strategic family offices and angels.

Founded in 2021 by Jonathan Lau and Armin Moradi, Qashio is the first fintech to issue corporate cards programmatically for employees in the UAE.

The platform enables business owners and finance leaders to observe and control all expenses. It also allows enterprises and small and medium-sized enterprises (SMEs) to make acquainted cash flow decisions.

Armin Moradi, CEO and Co-Founder of Qashio, commented: “Saudi Arabia is making great efforts to align with its Vision 2030; taking fintech-friendly approaches and bringing more fintech firms into the market.”

Moradi noted: “At Qashio, we are proud to be an integral part of propelling a cashless society in the UAE and now KSA.”

Jonathan Lau, Chief Product Officer (CPO) and Co-Founder of Qashio, said: “This round of funding will help us to expand hiring and growth into Saudi Arabia and other parts of the GCC as well as accelerate the execution of the product roadmap.”