B2B use fintech Qashio launches in Saudi with Alinma Bank

Dubai-based fintech Qashio is partnering with Saudi’s fast-growing Alinma Bank to offer spending management services to customers in Saudi Arabia.

The partnership will see Qashio launch its SME and Enterprise-grade spend management platforms to customers in the Kingdom – meaning Saudi businesses will be able to issue corporate cards to be used by their employees in the country. The two firms say it is the first time a Saudi bank has teamed up with a fintech company to offer solutions to its corporate banking clients.

The Saudi fintech space is enjoying an upward trajectory at the moment, spurred in part by the country’s Vision 2030 agenda. Some of the goals by the end of 2025 include enabling emerging companies such as fintechs to drive innovation and competition; increase the share of SME financing provided by local banks; and achieving 70% cashlessness as part of plans to develop Saudi’s digital infrastructure.

Partnership is in line with Saudi’s Vision 2030 agenda

These ambitions have led to an increase in the number of fintech collaborations – such as this one between Qashio and Alinma Bank – and, according to Mastercard, resulted in a nearly 1,300% increase in Saudi funding between 2020 and 2021. B2B spending in the country amounts to to $750 billion a year, Visa’s own research shows, but one in five expense reports are reported to contain errors – highlighting the growing need for innovative fintech solutions.

Commenting on the partnership, Abdullah Khalid Alsalloom, Deputy Managing Director of Cards at Alinma Bank, says: “This partnership brings together Qashio’s leading cost management platform with deep technology and domain experience together with Alinma Bank’s expertise in digital banking and local market knowledge of the wider banking ecosystem.”

Armin Moradi, CEO and co-founder of Qashio, adds: “This partnership with Alinma Bank is a move to align with Saudi Arabia’s efforts to adopt fintech-friendly approaches and increase the presence of fintech firms in the market, in in line with their Vision 2030 initiative. Qashio is dedicated to helping businesses eliminate manual finance processes, offering a solution that is safe, secure and ready to use for both large enterprises and small and medium-sized businesses.”

Qashio says its investors – which include Silicon Valley fund Rocketship VC and Dubai-based Iliad Partners – are excited about entering the Saudi market. The firm, which was founded in 2021, raised US$12.5 million in pre-seed and seed funding rounds last year. It already has high profile corporate clients including Nana, Swiss International, Alabbar Enterprises, Yaa Foods and Papa Johns.

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