Qashio and CredibleX Launch Business Financing Solution in MENA Region

Qashio and CredibleX have partnered on an initiative to provide financing to businesses in the Middle East and North Africa (MENA) region.

The new Qashio Financing solution provides immediate approvals and disbursements, competitive rates and a user-friendly application process for Qashio’s customers, the companies said in a Sunday (Jan. 7) press release.

This solution brings together Qashio’s corporate cards and expense management solutions and CredibleX’s embedded finance platform, according to the release.

“Through this partnership with CredibleX, we deliver a solution that not only addresses the immediate financial needs of our customers but also supports their long-term growth objectives,” Armin Moradi, co-founder and CEO of Qashio, said in the release.

With the flexible and accessible financing offered by Qashio Financing, businesses can accelerate growth, bridge cash flow gaps and enhance operational efficiency, according to the press release.

This solution arrives at a time when 72% of small- to medium-sized businesses (SMBs) in the MENA region expect stable or growing revenue, and 92% say they need access to a wider range of financial services, the release said, citing data from Mastercard.

Qashio Financing offers financial solutions for a wide range of business needs and sizes, per the release.

“Our partnership with Qashio is a game-changer for [SMBs], bringing together instantaneous credit decision-making, a choice of financing options for [SMBs] and a seamless, embedded journey within Qashio’s application,” Ahmad Malik, co-founder of CredibleX, said in the release. “In this way, [SMBs] can access a highly tailored and efficient financial support system that addresses their unique challenges.”

This collaboration comes about five months after Qashio teamed up with Mastercard to introduce corporate credit cards and enable them with virtual issuance capabilities. The goal of this partnership, announced in August, was to promote cashless, flexible expense management for businesses.

In another recent development in this space, Qarar partnered with Biz2X in August to launch a cloud-based SMB lending platform in Saudi Arabia. This joint venture aimed to offer a streamlined digital experience for borrowers and lenders alike and bridge the financing gap faced by SMBs in the country.