UAE Fintech Qashio Raises $19.8M For Regional Expansion

Dubai-headquartered fintech Qashio has raised $19.8 million in its latest funding round, paving the way for continued geographic expansion and growth of its industry-leading B2B loyalty ecosystem. Already operating in 22 countries — including the UAE, Europe, and the UK — the company will use the new capital to support its imminent entry into Saudi Arabia and strengthen regulatory compliance.

The funding, comprising equity and non-equity sources, was led by existing Silicon Valley-based investor Rocketship. Qashio’s consistent growth, demonstrated by over 800% year-on-year revenue increases for three consecutive years, reflects the platform’s rising dominance in B2B expense management solutions.

In addition to Rocketship, several existing investors including ABN Ventures, MITAA, and Oneway VC reaffirmed their support. The round also welcomed strategic new backers, such as Luxembourg-based MoreThan Capital, prominent regional banks, and several family offices from across the region.

“We invested in Qashio because of their bold vision to modernize 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, but transforming how companies operate and scale”.

Unlike traditional corporate cash back programs, Qashio’s loyalty network uniquely features premium partners like Emirates, Air France, KLM, Avios (British Airways, Iberia, Finnair), US Airways, and elite hotel groups including Jumeirah One, Accor, and IHG Intercontinental Hotel Group. These high-value rewards differentiate Qashio from competitors, enhancing its appeal to businesses that previously had limited access to such exclusive benefits.

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“At Qashio, we understand change often meets resistance, especially when shifting from manual processes,” said Armin Moradi, CEO and Co-founder. “Our loyalty program is designed to reward positive financial management behaviors with meaningful incentives like air miles and hotel points — rewards that are typically hard to obtain. Coupled with transparent pricing, lowest cross-border fees, and unmatched cashbacks without restrictive conditions, we empower businesses to embrace streamlined financial management”.

With profitability achieved — earning over $1.2 million in the first quarter of 2025 — Qashio’s fresh capital infusion positions the fintech leader to further accelerate its ambitious growth across MENA and into European markets.