Alaan Raises $4.5M In Latest Funding Round

Dubai, United Arab Emirates  — January 16, 2023  — UAE-based spend management platform Alaan said Monday that it raised $4.5 million in a Pre-Series A funding round led by Presight Capital and Y Combinator with the participation of other angel investors, bringing its total funding to $7 million.

Expansion plan

Alaan is now strengthening its presence in the UAE and plans to use the new fund for expansion across the GCC region. It also plans to enhance its product with new features, including automated invoice payments of domestic and international suppliers.

Founded in 2021, Alaan is a spend management platform for Middle East-based businesses to manage all company spending through corporate cards and automated invoice payments.

It allows businesses to instantly issue physical and virtual cards for e-commerce transactions, SaaS subscriptions, vendor payments, government services, and in-store purchases.

These cards can be set up with daily or monthly spending limits and can be locked to be used only with specific merchants such as fuel stations.

Further, the platform eliminates expense reports and petty cash and automates bookkeeping tasks through seamless integration with accounting solution providers.

“The Middle East has a massive spend market (of) almost $3.5 trillion in B2B payments volume, but employees waste significant time with manual processes and disjointed systems,” said Parthi Duraisamy, the cofounder and CEO of Alaan, in a statement.

Within a year, the company’s valuation has quadrupled.

Today, the company provides its services to over 100 businesses with more than 5,000 employees across the UAE, the UAE firm said in a statement.