Spend management fintech Qashio has entered an exclusive partnership with Alinma Bank, the youngest and fast-growing bank in the Kingdom, to launch its operations in the Kingdom. This is the first time that a Saudi bank has joined hands with a fintech company to provide solutions to its corporate banking customers, a milestone for the country’s tech space.
With this partnership, Qashio can roll out both its SME and enterprise-grade spend management platforms to its customers in the country. The fintech solutions are also available to Alinma Bank’s vast number of corporate customers, benefiting both the bank’s and Qashio’s Saudi customers. Businesses can now issue Saudi corporate cards to be used for their employees in the Kingdom without running the risk of suspension and withholding tax Bahrain-issued SAR cards. These integrated corporations will come with advanced control/limits, accounting integrations, and enterprise-grade workflows.
This falls in line with Saudi Arabia’s Financial Sector Development Program under Vision 2030, which is aimed at developing a sustainable and thriving cashless society, increasing the share of non-cash transactions from 36 percent in 2019 to 70 percent in 2025. The primary method to achieve this is through uplifting fintechs present in the country. In fact, Mastercard’s report on “The Future of Fintech” revealed that the Kingdom’s funding increased by 1,294 percent in 2021 from 2020, amounting to $91 million.
Alinma Bank has been at the forefront of digital financial services in Saudi Arabia, and Qashio has been enabling digital payments for businesses across MENA. This association between two industry leaders highlights the joint vision of both parties to introduce market-leading products to support businesses and contribute toward the digital payments vision set forth by the Saudi Central Bank.
Abdullah Khalid Alsalloom, deputy general manager — cards, Alinma Bank, said: “This partnership brings together Qashio’s leading expense management platform along 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, said: “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 its market, in line with its Vision 2030 initiative. Qashio is dedicated to helping companies eliminate manual finance processes, offering a solution that is secure, safe and ready for use by both large enterprises and SMEs.”
Qashio has signed renowned brands and customers across the Kingdom and UAE and continues onboarding clients. These include well-known brands such as Nana, Swiss International, Alabbar Enterprises, Kitopi, Maids.cc, Yaa Foods, Al-Shiha Group, Tasoru Holding, Instashop, Saif Belhasa, EFS Facilities Management Services Group, Papa Johns, Bulldozer Group, and others.
Qashio’s international investors are excited about its entry into Saudi Arabia, including Rocketship VC, a well-known Silicon Valley fund. Other supporters include Iliad Partners, 500 Sanabil MENA, Nuwa Capital, National Dimensions Investment KSA, Phoenix Investments, and strategic family offices and angels.
