In a bold move that signals growing confidence in the Middle East’s fintech ecosystem, UAE-based B2B fintech platform Alaan has raised $48 million in Series
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In a bold move that signals growing confidence in the Middle East’s fintech ecosystem, UAE-based B2B fintech platform Alaan has raised $48 million in Series A funding, setting a new benchmark in the regional financial technology sector. The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), alongside Y Combinator, 468 Capital, Pioneer Fund, 885 Capital, and a number of influential angel investors including founders of unicorns Tabby, Careem, and regional icon Khalid Al Ameri.
Founded in 2022 by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan was born out of a simple but powerful insight: MENA’s finance teams were long underserved by global spend management solutions. With fragmented banking systems, manual reconciliation nightmares, and inefficient tracking tools, CFOs across the region have been desperate for a smarter way to manage business expenses.
Alaan responded with a first-of-its-kind AI-powered spend management platform that integrates seamlessly with local banking systems, enabling real-time card issuing, automated data extraction, and AI-driven spend insights — all within one unified ecosystem. In 2023, Alaan had already closed a $4.5 million pre-Series A, laying the foundation for what would soon become one of the region’s most anticipated fintech success stories.
With this latest capital injection, the startup is set to scale rapidly across the MENA region, following its recent expansion into Saudi Arabia. The funds will also be used to enhance its product offerings, refine its AI infrastructure, and cement its position as the go-to solution for modern finance teams.
Parthi Duraisamy, Co-Founder and CEO, commented:
“Our mission is to eliminate inefficiencies and empower finance teams with intelligent tools designed for the realities of doing business in MENA. This raise validates the growing need for region-specific financial solutions — and we’re just getting started.”
As Alaan continues to grow, it is not only pioneering a new era of digital finance in the Middle East, but also serving as a case study for high-growth, impact-driven fintech built for emerging markets.
In a landscape brimming with potential, Alaan is proving that the future of financial infrastructure in MENA will be built by those who understand its nuances — and dare to innovate within them.
