Fintech company Alaan secures $48 million funding to provide MENA finance teams with artificially intelligent agents
Alaan, a Dubai-based corporate spend management platform, has raised $48 million in a Series A funding round, marking one of the largest fintech Series A rounds in the Middle East. This investment will propel Alaan's expansion in the Gulf Cooperation Council (GCC), particularly in Saudi Arabia, and drive the next phase of its growth focused on AI-driven finance automation.
Founded in 2022 by ex-McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan addresses the inefficiencies in expense management across the MENA region. The platform offers corporate cards and an AI-powered system that automates expense management, receipt matching, reconciliation, and VAT data extraction. Since its launch, Alaan has processed over 2.5 million transactions and serves more than 1,500 finance teams, including major companies like G42, Lulu Group, Careem, and Tabby.
The funding round was led by Peak XV Partners, with significant participation from 885 Capital's founders, Y Combinator, 468 Capital, Pioneer Fund, and others. The round was heavily oversubscribed and included both primary and secondary funding, as well as support from regional operators such as Tabby's founder, Careem's founder, Pleo's founder, KAM's founder, Astra Tech's founder, Talabat's CPO, Aspora's founder, and many others.
GV Ravishankar, managing director at Peak XV, stated that Alaan has demonstrated strong product-market fit in the MENA region and stands out as the category leader. Sudeep Ramnani, founder and managing partner at 885 Capital, believes Alaan is pioneering a new era of finance for businesses in the Middle East.
With the funds raised, Alaan plans to build a full-fledged finance ops platform for businesses in the region, aiming to reduce manual tasks for finance teams and improve spend visibility and control. The company's spend management platform has already saved finance teams more than 1.5 million hours of manual work.
Alaan's customer-centric and product-led mindset has enabled them to build solutions tailored to the needs of modern finance teams. The funds will accelerate Alaan's expansion in Saudi Arabia, where transaction volumes have doubled month over month for six months. It will also strengthen Alaan's roots in the UAE.
In addition to expansion and product development, Alaan is ramping up hiring across sales, customer success, and compliance in Saudi Arabia. The team at Alaan, known for their high energy and execution-focused approach, is excited about the opportunities this funding round presents. As Alaan continues to grow, it aims to support fast-growing businesses in the region with smarter, more efficient financial workflows, positioning itself as the largest and most comprehensive spend management platform in the Middle East.
[1] Alaan Press Release, August 2025. [2] TechCrunch, August 2025. [3] Forbes Middle East, August 2025. [4] Gulf Business, August 2025.
- Alaan's expansion in the Gulf Cooperation Council (GCC), particularly in Saudi Arabia, will be accelerated by the $48 million Series A funding, marking a significant milestone in the history of fintech in the Middle East.
- The investment will drive Alaan's growth, focusing on AI-driven finance automation and transforming the business landscape, a development that is sure to be a topic of interest in the news and finance sectors.
- As Alaan's customer base grows, the platform's AI-powered system will process increasing numbers of transactions, making an impact in the sports and technology industries by streamlining financial operations for major companies like G42, Lulu Group, Careem, and Tabby.
- The funds raised will enable Alaan to build a comprehensive finance ops platform, furthering its competitive edge in the artificial-intelligence-driven business and investing spheres.
- With the recent funding round, Alaan aims to create smarter, more efficient financial workflows for fast-growing businesses in the region, establishing itself as the largest and most comprehensive spend management platform in the Middle East, a significant career opportunity for professionals in the finance and business sectors.
