Qashio, a UAE-based fintech company, has made a strong entry into the MENA market by obtaining USD 2.5 million in pre-seed capital.
Qashio’s enterprise-grade expense management platform gives business owners and finance professionals complete insight and control over all spending. Their dashboard incorporates real-time tracking for all business expenses, allowing corporations and SMEs to make educated cash flow choices.
“Investing globally across b2b fintech platforms, we have monitored expense management players evolving across all major regions. Qashio is poised to be MENA’s breakout winner due to its founding team’s proven track record in building superior products and ability to execute in selling to enterprises. We are excited to partner with Qashio to impart best practices derived across other emerging tech markets.” said Seamon Chan, Palm Drive Capital.
The pre-seed round is headed by global VC company MSA Novo (with $1.5 billion in AUM), and is supported by Rally Cap Ventures, Palm Drive Capital, Plug and Play Ventures, as well as regional strategic angels, entrepreneurs, and family offices. Executives from Grubtech, Danske Bank, Two Sigma, Xiaomi, and other top global fintech companies also took part in the round.
Qashio, founded in 2021 by seasoned serial entrepreneurs Jonathan Lau and Armin Moradi, is a Fintech service that provides enterprises with a comprehensive enterprise expenditure management solution.
Jonathan Lau and Armin Moradi, co-founders of Qashio commented, Businesses in the MENA region have been operating with limited ability to issue cards and manage employee expenses. At Qashio, we are committed to help 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 SMEs.”
“We are committed to have a clear, easy and fast onboarding processes for brands with no long-term commitments or heavy monthly service fees” – Armin Moradi, CEO, Qashio.
The launch of Qashio is in line with UAE’s vision for the next 50 years to accelerate world-class digitization and adoption of ICT across aspects of the business.
The funding will be used to expand the operations team and customer support, evolve the current features and integrations with additional fintech partners and rewards programs.
For more details on Qashio or for further advice on best practice spend management solutions visit www.qashio.com
