Alaan secures USD 48 mn in Series A round: UAE-based, AI-powered spend management platform Alaan raised USD 48 mn in a Series A funding round led by Peak XV Partners, according to a press release. The capital raise included participants such as 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund — and comes after Alaan’s USD 4.5 mn pre-Series A funding round in 2023, which was joined by Presight Capital.

Where will the money go? The new funding will accelerate the B2B fintech platform’s regional operations and improve its core product offerings, which focus on using AI to reduce manual finance and expenses work. Alaan currently serves clients in the UAE and KSA.

The round also drew participation from several regional startup founders, including Careem's Mudassir Sheikha, Tabby's Hosam Arab, and Astra Tech’s Abdallah Abu Sheikh, according to a post on LinkedIn.

About Alaan: Founded by ex-McKinsey consultants Parthi Duraisamy (LinkedIn) and Karun Kurien (LinkedIn) in 2022, Alaan has onboarded more than 1.5k UAE businesses, and recently expanded to Saudi Arabia. The platform uses AI agents to automate financial processes including receipt matching and VAT extraction.

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