{"id":38332,"date":"2022-11-23T18:16:40","date_gmt":"2022-11-23T15:16:40","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=38332"},"modified":"2026-03-28T02:18:49","modified_gmt":"2026-03-27T23:18:49","slug":"spend-management-platform-qashio-raises-10-million-to-accelerate-fintech-solutions-for-a-cashless-economy-in-saudi-arabia","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/spend-management-platform-qashio-raises-10-million-to-accelerate-fintech-solutions-for-a-cashless-economy-in-saudi-arabia\/","title":{"rendered":"<strong>Spend management platform Qashio raises $10 million\u00a0to accelerate fintech solutions for a cashless economy in Saudi Arabia<\/strong>"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2022\/11\/\u0645\u0646\u0635\u0629-\u0625\u062f\u0627\u0631\u0629-\u0627\u0644\u0646\u0641\u0642\u0627\u062a-\u0643\u0627\u0634\u064a\u0648-\u062a\u062c\u0645\u0639-10-\u0645\u0644\u0627\u064a\u064a\u0646-\u062f\u0648\u0644\u0627\u0631-\u0644\u062a\u0633\u0631\u064a\u0639-\u062d\u0644\u0648\u0644-\u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627-\u0627\u0644\u0645\u0627\u0644\u064a\u0629-\u0644\u0644\u0627\u0642\u062a\u0635\u0627\u062f-\u063a\u064a\u0631-\u0627\u0644\u0646\u0642\u062f\u064a-\u0641\u064a-\u0627\u0644\u0645\u0645\u0644\u0643\u0629-\u0627\u0644\u0639\u0631\u0628\u064a\u0629-\u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629_ssict_853_1280.webp\"><img loading=\"lazy\" decoding=\"async\" width=\"853\" height=\"1280\" src=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2022\/11\/\u0645\u0646\u0635\u0629-\u0625\u062f\u0627\u0631\u0629-\u0627\u0644\u0646\u0641\u0642\u0627\u062a-\u0643\u0627\u0634\u064a\u0648-\u062a\u062c\u0645\u0639-10-\u0645\u0644\u0627\u064a\u064a\u0646-\u062f\u0648\u0644\u0627\u0631-\u0644\u062a\u0633\u0631\u064a\u0639-\u062d\u0644\u0648\u0644-\u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627-\u0627\u0644\u0645\u0627\u0644\u064a\u0629-\u0644\u0644\u0627\u0642\u062a\u0635\u0627\u062f-\u063a\u064a\u0631-\u0627\u0644\u0646\u0642\u062f\u064a-\u0641\u064a-\u0627\u0644\u0645\u0645\u0644\u0643\u0629-\u0627\u0644\u0639\u0631\u0628\u064a\u0629-\u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629_ssict_853_1280.webp\" alt=\"\u0645\u0646\u0635\u0629 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0646\u0641\u0642\u0627\u062a\u00a0\u0643\u0627\u0634\u064a\u0648\u00a0\u062a\u062c\u0645\u0639 10 \u0645\u0644\u0627\u064a\u064a\u0646 \u062f\u0648\u0644\u0627\u0631 \u0644\u062a\u0633\u0631\u064a\u0639 \u062d\u0644\u0648\u0644 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u063a\u064a\u0631 \u0627\u0644\u0646\u0642\u062f\u064a \u0641\u064a \u0627\u0644\u0645\u0645\u0644\u0643\u0629 \u0627\u0644\u0639\u0631\u0628\u064a\u0629 \u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629_ssict_853_1280\" class=\"wp-image-38333\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Riyadh, KSA, November\u00a0<\/strong>23<strong>\u00a02022:<\/strong>\u00a0Spend management fintech,\u00a0<a href=\"https:\/\/qashio.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Qashio<\/a>, has raised $10 million in a seed round, with participation from strategic international and regional partners to accelerate expansion into the Kingdom of Saudi Arabia.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The seed funding round is supported by global investors such as One Way Ventures (early investors in Brex), MITAA, Cadorna Ventures, as well as regional investors such as Sanabil 500 MENA, Nuwa Capital, Iliad Partners, Phoenix Investments, and strategic family offices and angels. The round consists of both equity and non-equity financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Founded in 2021 by seasoned serial entrepreneurs with multiple exits Jonathan Lau and Armin Moradi, Qashio\u2019s enterprise-grade\u00a0<a href=\"http:\/\/qashio.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">spend management<\/a>\u00a0platform enables business owners and finance leaders full visibility and control of all expenses. Their dashboard integrates real-time tracking for every business expense and allows enterprises and SMEs to make informed cash flow decisions.\u00a0It is among the first fintech companies to issue employee corporate cards programmatically in the region.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Lex Zhao, Partner at One Way Ventures<\/em><\/strong><em>&nbsp;commented, &#8220;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&#8217;re excited and grateful to join this round and to share our experience as early investors in Chipper Cash and Brex.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Qashio has brought on seasoned executives and advisors to round out the team: Eric Menorval, well-known CTO from central America banking group Namutek Fintech, has joined to lead the technical development and integrations; Arun Khehar, former SVP at Oracle ECEMEA and Antoine Massad, Former CEO of MAN Group MENA and Majid Al Futtaim Asset Management have recently joined the advisory board, bringing decades of enterprise software expertise and investment network across the region.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Armin Moradi, CEO and co-founder of Qashio<\/em><\/strong><em>&nbsp;commented, \u201cSaudi Arabia is making great efforts to align with its Vision 2030; 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 country. We are committed to helping companies move away from all those manual finance processes and get more visibility and control by providing a secure, safe solution that is ready for enterprise-grade deployment as well as for SMEs.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Jonathan Lau, CPO and co-founder of Qashio&nbsp;<\/em><\/strong><em>said, \u201cWe\u2019re grateful to all our investors and advisory for their support on our expansion into the largest country in the Middle East. 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. We are excited for the days ahead.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Qashio&#8217;s virtual and physical cards combined with its software allow businesses to manage their spending in a more automated and transparent way, saving hundreds of man-hours and reducing petty cash leakage in the process. Finance and HR departments benefit from better expense reporting, better visibility, control of cash flows and an empowered workforce.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Qashio has signed renowned brands and customers across KSA and UAE and continues to onboard clients. These include well-known brands such as Nana, Swiss International, Yaa Foods, Al Shiha Group, Tasoru Holding, Instashop, Saif Belhasa, EFS Facilities Management Services Group, Papa Johns, Bulldozer Group, etc. Qashio is also the winner of the Gulf Capital FinTech Business Solution of the Year 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With Qashio, business owners, CFOs, HR Leaders and finance teams can set spending limits on virtual &amp; physical cards issued in seconds, and limit and control spend categories and vendors. This eliminates the use of cash, avoids late expense claims, reduces the amount of work put into reimbursements and ultimately replaces manual invoicing and vendor \/supplier payment.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mastercard\u2019s report on \u2018The Future of Fintech\u2019 revealed that KSA funding increased by 1294% in 2021 from 2020, amounting to $91 million. The MENA region is expected to have 45 fintech unicorns by 2030 and payments and fund transfers are expected to be the top applications or functions driving fintech growth. Fintech startups in MENA recorded a 183% growth in funding in 2021, the highest rate over the past five years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more details on Qashio or for further advice on best practice spend management solutions visit\u00a0<a href=\"http:\/\/www.qashio.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.qashio.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Riyadh, KSA, November\u00a023\u00a02022:\u00a0Spend management fintech,\u00a0Qashio, has raised $10 million in a seed round, with participation from strategic international and regional partners to accelerate expansion into the Kingdom of Saudi Arabia.\u00a0 The seed funding round is supported by global investors such as One Way Ventures (early investors in Brex), MITAA, Cadorna Ventures, as well as regional [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":38333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"1","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-38332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized 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