Alaan, a corporate spend management platform headquartered in the UAE, has completed a $48 million Series A funding round—one of the largest in the fintech sector across the Middle East. Peak XV Partners (formerly Sequoia Capital India & SEA) led the Series A round, with participation from both international and regional investors. The investment comprises both primary and secondary funding.
Founded in 2022, Alaan provides businesses throughout the MENA region with comprehensive solutions, including corporate cards and an integrated platform for streamlined expense management, reconciliation, and payment workflows. The fresh capital will support further expansion within the GCC, with a primary emphasis on the Kingdom of Saudi Arabia, and accelerate the enhancement of Alaan’s AI-powered finance operations suite.
Since its founding, Alaan has processed over 2.5 million transactions and currently serves more than 1,500 finance teams across the region. The company has experienced substantial growth following its launch in Saudi Arabia, with transaction volumes doubling each month over the past six months.
How the funding will be used: Funding proceeds will be allocated to ongoing product innovation, particularly the advancement of AI agents designed to assist finance teams by automating tasks such as receipt matching, reconciliation, and VAT data extraction. Alaan’s strategic objective is to evolve into a holistic finance operations platform, empowering businesses with enhanced control and visibility over their expenditures. Additionally, Alaan will strengthen its footprint in the UAE and expand teams in sales, customer success, and compliance to serve its regional client base better.
