Fundraising Round Led by Peak XV Partners for UAE's Alaan, Backed by 885 Capital, Y Combinator, 468 Capital, Pioneer Fund, Key Angel Investors, and Notable Regional Financier Khalid Al Ameri
In the dynamic world of fintech, UAE-based startup Alaan has made waves with its recent Series A funding round. The company, founded in 2022 by former McKinsey consultants Parthi Duraisamy and Karun Kurien, has raised an impressive $48 million.
The funding round was led by Peak XV Partners (formerly Sequoia Capital India), with participation from a host of investors including Y Combinator, 885 Capital, 468 Capital, Pioneer Fund, and several angel investors. Notable among these investors are the founders of successful unicorn companies Tabby and Careem.
Alaan offers an AI-powered spend management platform designed for businesses. The platform automates and manages corporate expenses through features like card issuing, real-time expense tracking, AI-driven receipt capture, VAT extraction, and seamless integration with local banking systems in the MENA region.
Since its launch, Alaan has processed over 2.5 million transactions and serves more than 1,500 finance teams. The company has already expanded into Saudi Arabia earlier this year and aims to further simplify and digitize expense management for businesses across the region with the recent funding.
Khalid Al Ameri, a regional figure, also participated in the funding round. The funds raised will be used to accelerate Alaan's growth in the Middle East and North Africa. GV Ravishankar, Managing Director at Peak XV Partners, stated that Alaan stands out as the category leader in the MENA region.
The Alaan platform integrates with local banking systems and offers features like real-time expense tracking, corporate card issuing, and automated data extraction. Some of the clients served by Alaan include G42, Lulu Group, Rivoli, Tabby, and Careem.
With this significant investment, Alaan plans to enhance its product offerings in areas such as bill payments, procurement, treasury, and travel services. The company aims to continue addressing unique regional challenges like complex VAT regulations while maintaining its focus on capital efficiency and strong revenue generation.
As Alaan moves forward, it is poised to make a significant impact on the fintech landscape in the MENA region, offering innovative solutions for businesses seeking to streamline their expense management processes.
- Alaan, a UAE-based fintech startup, has raised $48 million in its Series A funding round, backed by investors like Peak XV Partners, Y Combinator, and the founders of Tabby and Careem.
- Since its launch in 2022, Alaan's AI-powered spend management platform has processed over 2.5 million transactions and serves more than 1,500 finance teams.
- Alaan plans to use the funds from its recent funding round to accelerate growth in the Middle East and North Africa, with plans to enhance its product offerings in areas like bill payments, procurement, treasury, and travel services.
- The Alaan platform offers features such as real-time expense tracking, corporate card issuing, and automated data extraction, and integrates with local banking systems in the MENA region, simplifying and digitizing expense management for businesses.
