Lydia Foott, co-founder and chief operating officer of Qashio, a Dubai-based spend management platform, has inaugurated the company’s Dublin office. This move creates 50 new jobs and marks the beginning of Qashio’s European expansion. Foott, originally from Cork, left Ireland in 2010 with a degree and limited prospects. Sixteen years later, she returns to establish her business in her home country.
Qashio assists businesses in monitoring and managing spending through smart corporate cards linked to real-time expense software. Launched in 2022, the company has partnered with major entities like Visa and Emirates, serving nearly 3,000 customers.
Foott decided to establish Qashio in Ireland in 2023, forming an Irish entity to support UAE customers operating in Europe. Kevin Gallagher, an Irishman with expertise in scaling operations and building strategic partnerships, has been appointed as general manager for Europe.
Gallagher explains that Qashio offers businesses real-time visibility into payments, enabling them to control spending across their organizations. The company’s cards also include a reward feature, providing tangible value for necessary expenditures. Foott highlights the robust business ties between Ireland and Dubai, with €8 billion in bilateral trade, making Ireland an ideal location for Qashio’s European growth.
Qashio’s Founders and Their Vision
Foott and her co-founder, Armin Moradi, conceived Qashio based on their personal experiences with corporate cards. While working at the same company, they shared only two cards across the entire organization, leading to inefficiencies and unclaimed expenses. Inspired by similar solutions in the US, they decided to develop a comparable product for Dubai.
Both founders have extensive knowledge of the UAE market, with Foott residing in Dubai for 16 years and Moradi for 13 or 14 years. This experience has helped them build a strong network and establish trust with their customers. Qashio currently serves nearly 3,000 customers in the UAE and approximately 400 to 500 in Europe.
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The company’s European strategy is to move swiftly and decisively, steadily gaining ground. Foott emphasizes that Qashio benefits from the strong business ties between Ireland and Dubai, and she sees an opportunity to build on this foundation. The company is committed to creating 50 new jobs in Ireland within the next 12 to 18 months.
As Qashio expands into Europe, it will focus on developing its solution comprehensively, preparing for a formal market entry. The company has already filled commercial roles and plans to establish an R&D and innovation hub in Dublin, which will serve as the center for product development.
Challenges and Opportunities
Despite tensions in the Middle East, Foott asserts that business in the UAE continues as usual. Qashio has demonstrated resilience, emerging strongly from the Covid-19 pandemic, and Foott believes businesses have learned from this experience. The company’s team has worked diligently to maintain momentum, and Foott notes the remarkable energy driving their efforts.
Foott never anticipated creating jobs in her native country. She graduated from the University of Limerick in 2010 with a degree in New Media and English, during the height of the recession. She initially planned to spend only a year or two abroad but was immediately drawn to Dubai’s exceptional quality of life.
Foott began her career in teaching before transitioning to tech, joining Zomato during its expansion of online food delivery in Dubai. She later moved into loyalty tech and returned to food tech under Delivery Hero, where she first collaborated with Moradi. The two often discussed starting their own venture, and in late 2021, Moradi approached Foott with the idea for Qashio.
According to Foott, the next step for Qashio is to develop Qashio Labs, an R&D and innovation hub in Dublin that will lead product development. Ireland will serve as the launchpad for expansion into the broader European market, including the UK. The Dublin office officially opened in March.
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