Qashio Raises $19.8M to Expand Regionally and Grow B2B Loyalty

Dubai-based B2B spend management platform Qashio has raised $19.8 million in a new funding round. With active operations and clients in 22 countries—including the UAE, the UK, Europe, and soon Saudi Arabia—the company plans to use this capital to fuel its geographic growth and expand what is already the largest B2B fintech loyalty program in the MENA region.

Profitable Growth and Strategic Investment

Despite already achieving profitability with over $1.2 million in earnings in Q1 2025, the new funding will help Qashio strengthen its regulatory infrastructure, especially in preparation for its upcoming launch in Saudi Arabia. It will also allow the company to enhance its already distinctive loyalty program, setting it apart from traditional cashback offerings.

Premium Loyalty Partnerships That Go Beyond Cashback

Qashio’s loyalty ecosystem is uniquely powerful, boasting partnerships with leading global travel and hospitality brands such as Emirates, Air France, KLM, and Avios (which includes British Airways, Iberia, and Finnair). Hotel rewards partners include Jumeirah One, Accor, and IHG Intercontinental Hotel Group—benefits rarely available to businesses through other corporate expense platforms.

“We invested in Qashio because of their bold vision to modernize spend management in the Middle East, a region ripe for financial innovation. Their rapidly growing customer base positions them as a category-defining company in the GCC’s digital transformation journey. We’re proud to back a team that’s not just solving a pain point, but transforming how companies across the region operate and grow,” said Sailesh Ramakrishnan - Managing Partner at Rocketship.

Major Investors Rally Behind Qashio’s Scalable Vision

The funding round included both equity and non-equity components and was led by long-time backer Rocketship, a venture capital firm based in Silicon Valley. Qashio has delivered over 800% year-over-year revenue growth for three consecutive years, showcasing its scalable business model and operational discipline.

“MoreThan Capital chose to invest in Qashio due to its exceptional growth trajectory since launching from beta in 2022, its seasoned founding team, and its superior product suite, which is both broader and more advanced than regional competitors. Qashio’s relentless innovation aligns with our vision, and we see tremendous potential in their MENA expansion strategy as well as their international ambitions. Their unique value proposition positions them strongly for success in the MENA as well as European market, and we’re excited to support their journey with ‘more than’ capital" says Caroline Kracht - Managing Partner at MoreThan Capital.

Previous investors such as ABN Ventures, MITAA, and Oneway VC participated again, reaffirming their confidence in Qashio’s trajectory. New investors joined as well, including MoreThan Capital (a Luxembourg-based European fund), prominent MENA-region banks, and regional family offices.

Purpose-Built Products for Diverse Business Needs

Qashio’s platform has been carefully developed to meet the financial needs of a wide range of clients—from small businesses with just five employees to large enterprises with strict compliance and security standards. Their solutions are tailored not only by company size but also by industry-specific and regional requirements.

Custom Financial Solutions for High-Sensitivity Sectors

For businesses operating in sensitive sectors such as law firms, government agencies, and consulting practices, Qashio provides specialized corporate cards and embedded financial tools to enhance operational control and compliance. Similarly, companies in retail, travel, hospitality, and e-commerce benefit from the platform’s industry-specific financial microservices that improve efficiency and scalability.

“At Qashio, we have learned that change often comes with resistance. We are committed to helping the companies that place their trust in us move away from the manual finance processes that slow them down. That’s why we built and continue to evolve our loyalty program—to reward the right behaviour with incentives such as air miles and hotel points that are otherwise difficult to obtain. We also offer the lowest cross-border fees and the highest cashbacks delivered transparently without lockdown periods and clawbacks, because every business drives behaviour in their own way,” says Armin Moradi, CEO and Co-founder of Qashio.