Qashio, a company that helps businesses manage their spending, has raised $19.8 million in new funding. This includes both money from investors who got a share of the company (equity financing) and money that doesn’t require giving up ownership (equity-free funding).
Silicon Valley Rocketship led the latest funding round for qashio. Other investors who joined include ABN Ventures, MITAA, and Oneway VC.
Several new strategic investors also participated. These include MoreThan Capital from Luxembourg, several banks from the Middle East and North Africa, and a few regional family offices.
The company plans to use the money to expand into new regions, enhance its financial rewards program in the Middle East and North Africa, and ensure compliance with all relevant regulations before launching in Saudi Arabia.
The platform is currently used by thousands of people every day in 22 countries, including the United Arab Emirates, European countries, and the UK. The company’s next goal is to expand into Saudi Arabia.
The company’s revenue has increased by over 800% annually for the past three years. In the first quarter alone, it made more than $1.2 million in profit.
Qashio was founded in 2021 by Armin Moradi and Jonathan Lau. It helps businesses manage their spending by offering special company cards and financial tools. These services are designed for industries such as law, consulting, government, travel, hospitality, retail, and large online stores.
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