Qashio, UAE-based FinTech startup, launched its business in MENA by raising $2.5 million in a pre-seed funding round. The round is led by global VC firm, MSA Novo, and 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 top global fintech companies participated in the round as well.

Qashio’s enterprise-grade expense management platform enables business owners and finance leaders full visibility and control of all expenses. Their dashboard integrates real-time tracking for every business expense and allows enterprises and SMEs to make informed cash flow decisions. 

“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,” Seamon Chan, Palm Drive Capital, said.

Qashio was founded in 2021 by Jonathan Lau and Armin Moradi. It is a FinTech solution offering businesses a comprehensive enterprise expense management solution.

“Businesses in the MENA region have been operating with limited ability to issue cards and manage employee expenses. At Qashio, we are committed to helping 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,” Jonathan Lau and Armin Moradi, co-founders of Qashio, said.

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 programmes.