Alinma Bank has invested in Qashio, the MENA spend management and corporate card platform. The move deepens the existing partnership between the two entities and adds Qashio to Alinma Bank’s portfolio of financial technology companies.
The investment officially places Qashio alongside other fintechs in Alinma’s portfolio, including Amwal Tech, Ejari, Lean Technology, and NearPay, as well as several local VC funds.
Honing a spend management platform
The primary goal of the strengthened partnership is to develop a ‘comprehensive’ spend management platform aimed at small and medium-sized enterprises (SMEs) and corporate clients. The collaboration combines Alinma Bank’s scale and client base with Qashio’s technology platform to provide modern tools for managing business expenses and transactional banking.
A key feature of the offering is Qashio’s loyalty ecosystem, which provides access to premium partners such as Emirates Skywards, Air France, KLM, Avios, and major hotel groups including Jumeirah One, Accor, and Intercontinental. Qashio currently serves over 2,000 active businesses across the GCC, EU, and UK.
Supporting Saudi Arabia’s Vision 2030
The strategic investment is positioned to support the goals of Saudi Arabia’s Vision 2030 by contributing to economic diversification, fostering financial innovation, and promoting the transition toward a cashless society. As the Kingdom accelerates its journey to becoming a digital-first economy, the partnership between Alinma Bank and Qashio aims to support these ambitions.
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”.
Moradi also added: “By combining Alinma Bank’s scale, credibility, and client base with Qashio’s globally recognised 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.”
