Alaan, a UAE-based AI-driven spend management platform, has raised $48 million in Series A funding, marking one of the largest fintech funding rounds in the MENA region. The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with participation from Y Combinator, 468 Capital, Pioneer Fund, and prominent founders from leading regional startups such as Tabby and Careem.
This investment cements Alaan’s position as a category leader in the rapidly growing space of AI-powered financial automation, designed for modern finance teams across the Middle East.
Founded in 2022 by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan was born out of their firsthand experience with the inefficiencies of traditional corporate cards and manual expense reporting. Since its launch, the company has scaled rapidly, processing over 2.5 million transactions for more than 1,500 finance teams, including major clients such as G42, Careem, and Lulu Group.
Alaan’s flagship product is an AI-powered spend management platform that automates time-consuming finance tasks such as:
- Receipt matching
- Expense reconciliation
- VAT extraction
The company claims its technology has already saved customers over 1.5 million hours of manual work.
In 2023, Alaan became one of the first regional players to integrate OpenAI into its workflows. After experimenting with chat-based features, the team pivoted toward “invisible AI”—automation that works behind the scenes to streamline processes without disrupting existing workflows. This approach is particularly valuable in MENA, where complex tax regulations and limited digital infrastructure often slow down financial operations.
Unlike many fintech startups prioritizing aggressive growth, Alaan has focused on capital efficiency from the outset. The company reports generating $10 million in revenue from just $5 million in spend, achieving profitability well before this funding round.
What matters to investors is our fundamentals — strong revenue, efficient growth, and a focused go-to-market strategy.
CEO Parthi Duraisamy
This disciplined approach was a key factor in securing the $48 million Series A. Alaan plans to deploy the new capital to accelerate its regional expansion, with a strong focus on Saudi Arabia, where it recently launched after navigating regulatory requirements. The company will also invest in:
- Sales and customer success teams
- Compliance and risk management
- Advanced AI product development
With this raise, Alaan joins the ranks of leading MENA fintech players such as Tamara, which previously secured $110 million. As finance teams across the region continue to modernize, Alaan aims to become the go-to platform for intelligent, compliant, and automated financial operations.
