RIYADH: UAE-based corporate spend management platform Qashio has acquired Saudi fintech Sanad Cash in a strategic move to accelerate its expansion in the Kingdom and deepen its regional footprint.
The deal combines Qashio’s technology with Sanad Cash’s local market expertise, enabling Saudi businesses to access a fully localized and compliant solution for managing corporate expenses and cards, the companies said in a joint statement.
The partnership also enables Saudi clients to expand globally through Qashio’s presence in the EU, the UK, and the UAE, reinforcing its position as a leading regional spend management platform.
The move comes as Saudi Arabia’s fintech sector continues to expand rapidly, supported by regulatory reforms, digital innovation, and investments in financial infrastructure under Vision 2030.
The Kingdom has already achieved a 79 percent cashless transaction rate in 2024, surpassing its 2025 target ahead of schedule, according to the Saudi Central Bank.
“Sanad Cash brings invaluable local knowledge and a trusted client base. Combined with Qashio’s technology and focus on exceptional user experience, we are now delivering the most advanced spend management solution in the region,” said Armin Moradi, founder and CEO of Qashio.
Mahmoud Iswaid, co-founder and CEO of Sanad Cash, said Qashio’s acquisition of the company marks a significant step forward for Saudi Arabia’s fintech sector.
“It reflects the growing maturity and consolidation of the market, and our shared commitment to empowering Saudi businesses with world-class financial technologies,” he said.
Iswaid added: “Together, we are building a unified platform that simplifies how companies manage spending, enhances financial transparency, and supports the Kingdom’s vision for a cashless, innovation-driven economy.”
Qashio plans to leverage the acquisition to roll out locally issued corporate cards in the Kingdom and enhance compliance with domestic financial regulations.
The company is also launching a major recruitment drive to support its next growth phase, with more than 120 new roles to be filled across Europe, Jordan, the UK, the UAE, and Saudi Arabia within six months, the statement added.
With this acquisition, Qashio aims to accelerate its mission of transforming financial management across the Middle East and North Africa, offering businesses greater efficiency, transparency, and control over company spending.
Source: www.arabnews.com