UAE-based business-to-business Fintech startup Alaan has secured $48 million in Series A funding led by Peak XV Partners, formerly Sequoia Capital India, to expand its AI-powered spend management platform across the Middle East and North Africa.
The funding round included participation from Pioneer Fund, 885 Capital, Y Combinator, and 468 Capital, along with angel investors including founders of regional unicorn companies Tabby and Careem, and prominent figures such as Khalid Al Ameri, according to an announcement.
Founded in 2022 by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan provides businesses with financial management tools including corporate card issuing and automated data extraction and consolidation services.
The Dubai-based company positions itself as addressing unique challenges faced by finance teams in the MENA region, offering real-time expense tracking and AI-driven insights that integrate with local banking systems.
Alaan expanded its services to Saudi Arabia earlier this year and plans to use the new funding to broaden operations across the wider MENA region while enhancing its product portfolio.
The startup previously raised $4.5 million in a pre-Series A round in 2023, backed by Presight Capital, Y Combinator, and angel investors.
The funding comes as regional fintech companies attract growing investor interest, with the MENA region seeing increased adoption of digital financial services among businesses seeking to modernize expense management and corporate spending oversight.
Peak XV Partners, which rebranded from Sequoia Capital India & Southeast Asia last year, has been active in backing technology companies across emerging markets as they scale operations.
The investment reflects growing confidence in the Middle East’s fintech sector, particularly in B2B solutions that cater to the specific regulatory and operational requirements of businesses operating in the region’s diverse economic landscape.
