Alaan, a UAE-based spend management platform, announced Tuesday that it has raised $48 million in an oversubscribed Series A funding round to accelerate its expansion in Saudi Arabia and enhance its suite of artificial intelligence (AI)-powered finance automation tools.
The company had previously raised $7.5 million across its Seed and Pre-Series A rounds.
Investors
The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA) with participation from the founders of 885 Capital, Sudeep Ramnani & Jai Mahtani, Y Combinator, 468 Capital, and Pioneer Fund.
Regional operators also participated in the round, including Hosam Arab (Founder of Tabby), Mudassir Sheikha (Founder of Careem), Jeppe Rindom (Founder of Pleo), Khalid Al Ameri (Founder of KAM), Abdallah Abu-Sheikh (Founder of Astra Tech), Yi Wei Ang (CPO of Talabat), and Parth Garg (Founder of Aspora), among others.
AI automation tool
“This funding helps us go faster and deeper in KSA while helping us strengthen our roots in the UAE,” said Parthi Duraisamy, cofounder and CEO of Alaan.
Founded by ex-McKinsey consultants Parthi Duraisamy and Karun Kurien in 2022, Alaan is a spend management platform that provides corporate cards, expense management software, and an AI automation tool to help businesses digitize their financial operations.
2.5 Million Transactions
Since its launch, the platform has processed over 2.5 million transactions and serves over 1,500 finance teams, including those at G42, Careem, Tabby, Lulu Group, and Rivoli.
According to the company, the platform has already saved finance teams over 1.5 million hours of manual work.
“While our existing AI agents are taking on tasks like receipt matching, manual reconciliation, and VAT extraction to save real time and money, we can now focus on expanding our product offerings to take more manual work off the plate for finance teams and give them full control,” Duraisamy added.
Regional Expansion
Earlier this year, the company launched in Saudi Arabia and reported doubling transaction volumes month-over-month for six consecutive months.
Alaan is also expanding its team by actively hiring across sales, customer success, and compliance, and forming local partnerships to serve the Saudi market.
