FintechStartups

Qashio, a fintech company based in the UAE, raises $10 million in seed funding.

Qashio, a fintech company based in the UAE, raises $10 million in seed funding.

Qashio, a fintech company based in the UAE, raises $10 million in seed funding

Qashio, a fintech business, has successfully raised $10 million in a round of venture funding. Angel investors like One Way Ventures, Cadorna Ventures, MITAA, Sanabil 500 MENA, Iliad Partners, and Nuwa Capital participated in the financing campaign. The funding consists of both debt and equity financing. Wamda said that the company intends to utilize the funds to accelerate its expansion in the Saudi market. In 2021, Armin Moradi and Jonathan Lau founded the firm.

Qashio is the first banking institution in the UAE to provide corporate cards to its employees. The technology offers business owners and lenders a transparent and controllable environment. Lex Zhao, Partner at One Way Ventures, was quoted in Wamda as saying, “The co-founders Armin and Jonathan have a unique combination of substantial ERP understanding and a track record of developing world-class software solutions.” We are grateful for the chance to participate in this investment round for Chipper Cash and Brex.

The platform’s dashboard provides real-time monitoring of all company spending and empowers organizations of all sizes to make more prudent cash management decisions. Armin said that Saudi Arabia is already exerting enormous regional growth-related efforts to fulfill Vision 2030. In addition to creating a policy that promotes the expansion of the financial technology sector, the region is assisting an increasing number of fintech businesses.

Chief Technology Officer of Namutek Fintech Eric Menorval, former CEO of MAN Group MENA Antoine Massad, and Oracle ECEMEA Senior Vice President Arun Khehar are among the prominent appointments made by the fledgling business. Jonathan said that the financing round will help Qashio flourish not just in Saudi Arabia but also across the GCC region. The platform’s physical and virtual cards, together with its software, enable businesses to manage their expenditures. Numerous businesses, including Nana, Yaa Foods, Al Shiha Group, Instashop, Saif Belhasa, Papa Johns, and Bulldozer Group, have already joined the company.

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