Peak XV leads USD 48 Mn Series A Round for UAE's Alaan The round was led by Peak XV Partners, with participation from 885 Capital, Y Combinator, 468 Capital, Pioneer Fund, and several prominent angel investors, including founders of unicorns Tabby and Careem, as well as regional figure Khalid Al Ameri.
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UAE-based fintech firm Alaan has raised USD 48 million in a Series A funding round to accelerate its growth in the Middle East and North Africa.
The round was led by Peak XV Partners, with participation from 885 Capital, Y Combinator, 468 Capital, Pioneer Fund, and several prominent angel investors, including founders of unicorns Tabby and Careem, as well as regional figure Khalid Al Ameri.
Founded in 2022 by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan provides AI-driven spend management solutions tailored for finance teams in the MENA region. The platform integrates with local banking systems, offering features such as real-time expense tracking, corporate card issuing, and automated data extraction.
"The category has demonstrated strong product-market fit in the MENA region, and Alaan stands out as the category leader, demonstrated by their impressive growth trajectory," said GV Ravishankar, Managing Director at Peak XV Partners.
Since its launch, Alaan has processed over 2.5 million transactions and serves more than 1,500 finance teams, including G42, Lulu Group, Rivoli, Tabby, and Careem. Earlier this year, the company expanded into Saudi Arabia.
"With this funding, we aim to further simplify and digitise expense management for businesses across the region," said Duraisamy. Kurien added that the investment would help strengthen Alaan's product offerings and extend its market presence.
