AI-powered fintech Alaan has successfully raised $48 million in Series A funding. Peak XV Partners led the round, with participation from 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund. Founders of unicorn customers, including Tabby and Careem, also invested in the round.
Alaan, a leading spend management platform in the Middle East, launched in 2022. The company provides solutions for corporate expense management, automating tasks like receipt matching and VAT extraction. This Series A funding round marks one of the largest for a fintech in the MENA region.
Driving AI-Powered Spend Management
Alaan has processed over 2.5 million transactions for more than 1,500 finance teams. The platform integrates AI to streamline financial operations, saving businesses significant manual work hours. Alaan also pioneered Apple Pay integration for B2B offerings in the region.
The company is profitable, generating $10 million in revenue from a $5 million spend. Alaan recently expanded into Saudi Arabia, doubling transaction volumes monthly. This new capital will accelerate hiring across sales, customer success, and compliance, further enhancing AI-driven finance automation. Competitor Ramp operates in a similar space.
