Alaan, a UAE-based AI-powered corporate spend management platform, has raised $48 million in a Series A funding round, marking one of the largest early-stage fintech investments in the Middle East.
The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with participation from 885 Capital, Y Combinator, 468 Capital, Pioneer Fund, and prominent regional investors including Hosam Arab (Founder of Tabby), Mudassir Sheikha (Founder of Careem), and Khalid Al Ameri (Founder of KAM and a well-known content creator).
Founded in 2022 by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan offers businesses a comprehensive platform for managing corporate expenses. The platform provides features such as real-time expense tracking, automated invoice processing, and AI-driven insights, enabling finance teams to streamline operations and enhance financial transparency.
Since its inception, Alaan has expanded its services to Saudi Arabia and plans to further extend its presence across the MENA region. The newly acquired funding will support this regional expansion and the enhancement of product capabilities, including bill payments, procurement, treasury, and travel services.
GV Ravishankar, Managing Director at Peak XV Partners, expressed confidence in Alaan’s potential, stating, “The category has demonstrated strong product-market fit in the MENA region, and Alaan stands out as the category leader, demonstrated by their impressive growth trajectory.”
Alaan’s commitment to innovation and efficiency positions it as a key player in the regional fintech sector, poised for continued growth and success.
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