UAE-based financial technology start-up Qashio raised $10 million in a seed round, with the company planning to expand into Saudi Arabia, the Arab world’s biggest economy.
The new funding round, which consists of both equity and non-equity financing, included participation from various international and regional investors, the company said in a statement on Tuesday.
These include One Way Ventures, Mitaa, Cadorna Ventures, Sanabil 500 Mena, Nuwa Capital, Iliad Partners and Phoenix Investments, as well as various strategic family offices and angel investors.
Founded in 2021 by entrepreneurs Armin Moradi and Jonathan Lau, Qashio issues charge cards to companies linked to the FinTech's software, which automates the management of a company's expenses.
The start-up can issue virtual or physical Qashio cards to employees with limits on spending, frequency of use and vendors. This allows companies to better control their finances while reducing costs and saving man-hours.
Transactions made using Qashio’s cards are automatically captured by its software and synched to the company’s accounting system, cutting down the time companies spend on reconciling expenses and receipts, while giving their management a real-time picture of spending.
“At Qashio, we are proud to be an integral part of propelling a cashless society in the UAE and now Saudi Arabia,” said Mr Moradi, chief executive and co-founder of 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.
“Saudi Arabia is making great efforts to align with its Vision 2030 — taking FinTech-friendly approaches and bringing more FinTech firms into the market.”
The FinTech market worldwide is projected to reach $332.5 billion by 2028, from $112.5 billion in 2021, the latest report by global payments company MasterCard showed.
There are more than 470 FinTech unicorns — or start-ups with a valuation of $1 billion and above — globally, with 40 of them added in the first quarter of this year.
The Middle East and North Africa region is expected to have 45 FinTech unicorns by 2030, a 10th of the global number, the report said.
“This round of funding will help us to expand hiring and growth into Saudi Arabia and other parts of the GCC as well as accelerate the execution of the product road map. We are excited for the days ahead,” said Mr Lau, chief product officer and co-founder of Qashio.
Qashio's virtual and physical cards combined with its software allow businesses to manage their spending in an automated and transparent way, saving hundreds of man-hours and reducing cash leakage in the process, the company said.
Finance and human resources departments benefit from “better expense reporting, better visibility, control of cash flows and an empowered workforce”, it added.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE currency: the story behind the money in your pockets
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.4-litre%2C%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Eeight-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E617hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E750Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh630%2C000%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
