Dubai – Sharikat Mubasher: UAE-based fintech startup Qashio secured $19.8 million in a fresh funding round combining equity and non-equity financing.

According to a recent press release, the round was led by returning investor Rocketship VC, with participation from ABN Ventures, MITAA, and Oneway VC. Strategic investors, including MoreThan Capital, several regional banks, and MENA family offices, also joined the round.

Founded in 2021 by Armin Moradi, Qashio provides corporate spend management solutions, including customized business cards and embedded financial tools for sectors like government, legal, travel, and e-commerce. The startup plans to use the new capital to expand geographically, scale its fintech loyalty program, and prepare for market entry into Saudi Arabia.

The company, which previously raised $10 million in seed funding, reports 800% year-on-year revenue growth over the past three years and reached $1.2 million in profit during Q1. It currently serves thousands of users across 22 markets, with Saudi Arabia set to be its next major launch.

Qashio’s raise comes amid a surge in MENA startup funding, which hit $1.5 billion in Q1 2025, up 244% year-on-year. Fintech remains the top-performing sector, though the quarter ended with a slowdown in March.