• UAE-based B2B fintech Alaan has raised $48 million in a Series A funding round led by Peak XV Partners (formerly Sequoia Capital India) and joined by Pioneer Fund, 885 Capital, Y Combinator, 468 Capital, and angel investors.
• Founded in 2022 by Parthi Duraisamy and Karun Kurien, Alaan allows businesses to manage finances through card issuing and automated date extraction and consolidation. 
• After extending its services to Saudi earlier this year, Alaan will use the funds to expand its operations across the MENA region and enhance its product offerings.
• In 2023, Alaan closed a pre-Series A of $4.5 million, backed by Presight Capital, Y Combinator, and angel investors. 

Press release:

Alaan, the Middle East’s leading AI-powered spend management platform, has raised $48 million in a Series A funding round. The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with participation from 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund. Notable investors include founders of unicorn companies such as Tabby and Careem, as well as prominent regional figures like Khalid Al Ameri.

Founded by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan addresses the unique challenges faced by finance teams in the MENA region. The platform offers a comprehensive solution for managing corporate expenses, integrating seamlessly with local banking systems and providing features like real-time expense tracking and AI-driven insights.

This funding will enable Alaan to expand its operations across the MENA region, enhance its product offerings, and further solidify its position as a leader in the fintech space.