Qashio, the UAE-based spend-management fintech, has acquired Saudi Arabia’s Sanad Cash to deepen its expansion into the Kingdom’s corporate card and expense-management market. The acquisition marks one of the first cross-border consolidations in the region’s financial technology sector this year and aligns with Saudi Arabia’s push toward a fully cashless economy.
The transaction combines Qashio’s enterprise-grade spend-management software with Sanad Cash’s local market reach, creating a unified platform tailored for Saudi businesses. Both companies said the deal will enhance operational efficiency, provide real-time expense tracking, and expand access to digital corporate cards that comply with Saudi financial-regulatory standards.
Qashio co-founder and chief executive Armin Moradi said the acquisition is a strategic step to scale Qashio’s technology within one of the fastest-growing fintech markets in the Middle East. “Sanad Cash brings invaluable local knowledge and a trusted client base. Combined with Qashio’s technology and focus on user experience, we can now deliver the most advanced spend-management solution in the region,” he said in a statement.
Mahmoud Iswaid, co-founder and chief executive of Sanad Cash, said the deal represents “a significant milestone for Saudi Arabia’s fintech sector and a testament to the growing maturity of the market.” He added that the merger will allow Saudi clients to benefit from Qashio’s established infrastructure in the United Arab Emirates, United Kingdom, and European Union.
The acquisition also coincides with Saudi Arabia’s rapid progress toward its Vision 2030 targets. According to the Saudi Central Bank (SAMA), the Kingdom’s rate of cashless transactions reached 79 percent in 2024, surpassing its original 2025 target. The trend is being supported by regulatory reforms, open-banking initiatives, and government efforts to attract international fintech players.
Qashio said it will use the acquisition to launch locally issued corporate cards and expand compliance and support teams across Riyadh, Jeddah, and Dammam. The company plans to hire more than 120 professionals globally over the next six months, with a focus on roles in Saudi Arabia, the United Arab Emirates, Jordan, and the United Kingdom.
Sanad Cash’s integration will also help Qashio align with Saudi Arabia’s financial-inclusion goals, as the government continues to encourage digital payment adoption across public and private sectors.
The deal underlines growing investor and corporate interest in the Kingdom’s fintech ecosystem. With backing from regional investors and a regulatory environment supportive of innovation, Saudi Arabia continues to establish itself as a core fintech hub within the Gulf Cooperation Council. The combined platform positions Qashio to serve both domestic enterprises and multinational clients seeking locally compliant, technology-driven spend-management tools.
Qashio strengthens GCC presence with purchase of Saudi firm Sanad Cash