• Alinma Bank has announced a strategic investment and partnership with Qashio, a UAE-based fintech, adding it to Alinma’s fintech portfolio alongside Amwal Tech, Ejari, Lean, and NearPay.
• Founded in 2021 by Armin Moradi, Qashio offers a spend management platform that enables businesses to gain full visibility and control of their expenses. It claims to be the first fintech startup in the UAE to issue corporate employee cards.
• The partnership will focus on developing a comprehensive spend management platform for SME and corporate clients, integrating Qashio’s loyalty ecosystem with premium partners like Emirates Skywards, Air France, Jumeirah One, Accor Hotels, and others.
• Last May, Qashio raised $19.8 million in a mix of equity and non-equity funding, led by existing investor Rocketship VC, with participation from MoreThan Capital, regional banks, and family offices.

Press release:

Continuing its commitment to providing top-tier services to the corporate sector and offering advanced digital financial solutions to enhance operational efficiency, Alinma Bank has announced a strategic investment and partnership with Qashio, the MENA region’s leading spend management and corporate card platform. 

The investment officially adds Qashio to Alinma Bank's portfolio of financial technology (Fintech) companies, which includes notable names like Amwal Tech, Ejari, Lean Technology, NearPay, and several local VC funds. This investment deepens the existing partnership between the two entities, aiming to develop a comprehensive spend management platform and deliver world-class financial solutions to SME and corporate clients, ensuring they benefit from the latest global technologies. Qashio’s loyalty ecosystem further strengthens the offering, providing access to premium partners such as Emirates Skywards, Air France, KLM, Avios, Japan Airlines, Jumeirah One, Accor Hotels, Intercontinental, and Shukran, among others

This strategic investment supports Saudi Arabia’s Vision 2030 by contributing to economic diversification, fostering financial innovation, and promoting a transition toward a cashless society. By combining Alinma Bank’s scale, credibility, and extensive client base with Qashio’s globally proven spend management platform, the partnership sets a new benchmark for corporate financial solutions in Saudi Arabia and the region.

Armin Moradi, CEO and Founder of Qashio, said: “This strategic partnership and investment have been made possible thanks to Vision 2030, where Qashio and Alinma will continue to contribute to the Kingdom's goals of economic diversification, promoting fintech, and moving toward a cashless society. By combining Alinma Bank’s scale, credibility, and client base with Qashio’s globally recognized and proven cutting-edge spend management platform and loyalty ecosystem, this collaboration enables clients access to the most modern, usable, and rewarding way to manage business expenses and transactional banking.”

Saudi Arabia is accelerating its journey toward becoming a cashless society, propelled by a booming fintech sector. With Vision 2030 as the blueprint, the Kingdom is leveraging its digitally connected population and progressive policies to fast-track its evolution into a financially inclusive digital-first economy. Through this partnership, Alinma Bank and Qashio are positioned to support these ambitions and set a new benchmark for corporate financial solutions in Saudi Arabia and the region.