UAE fintech Qashio is to accelerate its expansion into Saudi Arabia after raising $10 million in a seed round with funding from global and regional investors.

The company, which was founded last year and focuses on fintech-based expense management, issues virtual employee corporate cards which allow real-time tracking for business expenses, which it says allow enterprises and SMEs to make informed cashflow decisions.

Investors include One Way Ventures, MITAA, Cadorna Ventures, as well as Sanabil 500 MENA, Nuwa Capital, Iliad Partners, Phoenix Investments, as well as strategic family offices and angel investors, the company said today.

The company said advisors include international executives as well as Majid Al Futtaim Asset Management, which is now on the advisory board.

Armin Moradi, CEO and co-founder of Qashio said: “Saudi Arabia is making great efforts to align with its Vision 2030; taking fintech-friendly approaches and bringing more fintech firms into the market.

“At Qashio, we are proud to be an integral part of propelling a cashless society in the UAE and now KSA.

“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, CPO and co-founder of Qashio said the funding would assist with growth into other parts of the GCC as well as Saudi Arabia.

(Writing by Imogen Lillywhite; editing by Seban Scaria)