"UAE fintech company Alaan secures $48 million in Series A funding for growth in Saudi Arabia and AI-driven finance automation expansion."
Alaan Secures $48 Million in Series A Funding
Alaan, a UAE-based spend management platform for businesses, has successfully raised $48 million in Series A funding. The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA) and included participation from several notable international and regional investors.
The funding round was heavily oversubscribed and included both primary and secondary funding. Notable participants include institutional investors such as 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund. Prominent founders and regional operators also invested, with 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), Parth Garg (founder of Aspora), and many others listed as notable backers.
GV Ravishankar, Managing Director at Peak XV, stated that the funds will accelerate Alaan's expansion in Saudi Arabia and power its growth focused on AI-driven finance automation. Sudeep Ramnani, founder and Managing Partner at 885 Capital, said that Alaan is pioneering a new era of finance for businesses in the Middle East.
Parthi Duraisamy, co-founder and CEO, Alaan, mentioned that the funding will help the company go faster and deeper in KSA while strengthening its roots in the UAE. Duraisamy added that Alaan plans to build a full-fledged finance ops platform for businesses in the region and can now focus on expanding its product offerings to take more manual work off the plate for finance teams and give them full control.
This Series A funding round is reportedly one of the largest in the history of the region, setting a new standard for how modern companies manage spend, according to Sudeep Ramnani. Alaan has processed over 2.5 million transactions since launching in 2022 and is trusted by over 1,500 finance teams at leading companies such as G42, Careem, Tabby, Lulu Group, Rivoli, and more.
With this funding, Alaan is poised to expand its presence in the GCC, particularly in Saudi Arabia, and continue to revolutionize finance automation in the Middle East.
| Investor Type | Source(s) | | --- | --- | | Lead | Peak XV Partners (1, 2, 5) | | Institutional | 885 Capital (2, 4, 5), Y Combinator (2, 4, 5), 468 Capital (2, 4, 5), Pioneer Fund (2, 4, 5) | | Angels/Founders | Hosam Arab (Tabby) (4, 5), Mudassir Sheikha (Careem) (4, 5), Jeppe Rindom (Pleo) (4, 5), Khalid Al Ameri (KAM) (2, 5), Abdallah Abu-Sheikh (Astra Tech) (2, 5), Yi Wei Ang (Talabat) (2, 5), Parth Garg (Aspora) (2, 5), and others (2) |
- The Series A funding of $48 million for Alaan, a UAE-based spend management platform, will be used to accelerate its expansion in Saudi Arabia and bolster growth focused on AI-driven finance automation.
- Sudeep Ramnani, founder and Managing Partner at 885 Capital, cited that Alaan is pioneering a new era of finance for businesses in the Middle East.
- With this injection of funds, Alaan plans to develop a comprehensive finance operations platform for businesses in the region, expanding its product offerings and taking more manual work off the plates of finance teams.
- The funding round, one of the largest in regional history, was led by Peak XV Partners and included participation from various international and regional investors, as well as notable founders and operators.
- As Alaan moves forward, it aims to revolutionize finance automation in the Middle East, expand its presence in the GCC, particularly in Saudi Arabia, and set a new standard for how modern companies manage spend.
