Dubai-based B2B spend management platform Qashio has secured USD 19.8 mn in funding to fuel its expansion into Saudi Arabia and across the region, according to a press release. The round combined equity and non-equity financing and was led by existing investor Rocketship, a Silicon Valley-based venture capital firm. Other participants included ABN Ventures, MITAA, Oneway VC, and Luxembourg’s MoreThan Capital, as well as MENA banks and family offices.

Where will the funds go? The capital will fund geographic growth and scale its MENA-region B2B fintech loyalty program. The funds will also support regulatory compliance for a planned Saudi market entry. Qashio operates in 22 countries, including the UAE, Europe, and the UK.

About Qashio: Qashio serves SMEs and enterprises across industries, offering corporate cards and embedded financial microservices tailored to sectors like law, consulting, government, travel, hospitality, retail, and e-commerce. Qashio issues local cards in each operating region and multi-currency cards for specific UAE industries. It achieved profitability in 1Q 2025, and has partnered with Visa on B2B travel payments and joined Abu Dhabi’s global tech Hub71 ecosystem. The fintech raised a USD 10 mn seed round in 2022.

OTHER STARTUP NEWS-

Abu Dhabi-based Vault Wealth has launched its digital private wealth platform targeting high-net-worth-individuals in MENA, according to a press release.The launch comes alongside a funding round led by Peak XV (formerly Sequoia Capital India & SEA), with backing from Outliers VC. This marks Peak XV’s first MENA play in wealthtech.

Vault Wealth? Licensed by ADGM’s Financial Services Regulatory Authority (FSRA) since mid-2023, Vault offers financial planning, automated portfolio management, and access to global markets to high-net-worth individuals.

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