Alaan, a spend management platform for businesses based in the UAE, has raised $48 million in a Series A funding round—one of the largest of its kind in the region.
The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with major support from the founders of 885 Capital, Sudeep Ramnani and Jai Mahtani, as well as Y Combinator, 468 Capital, and Pioneer Fund. The round was highly oversubscribed and included both new investment (primary) and share buyouts (secondary).
The funding round also received backing from several well-known regional entrepreneurs and business leaders. These include Hosam Arab (founder of Tabby), Mudassir Sheikha (founder of Careem), Jeppe Rindom (founder of Pleo), Khalid Al Ameri (founder of KAM), Abdallah Abu-Sheikh (founder of Astra Tech), Yi Wei Ang (CPO of Talabat), Parth Garg (founder of Aspora), and many others.
Alaan’s platform uses artificial intelligence agents to handle tasks like bill matching, manual payment processing, and extracting VAT details.
This helps finance teams save a lot of time by reducing the need for manual work.
The funds will accelerate Alaan’s expansion in Saudi Arabia and power the next phase of its growth, focused on AI-driven finance automation. “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.
“Parthi, Karun, and the team are a high-energy, execution-focused group. Their customer-centric and product-led mindset from day one has enabled them to build solutions tailored to the needs of modern finance teams. We’re excited to partner with a company that is shaping the future of fintech in the region,” added Ravishankar.
Since its launch in 2022, Alaan has processed more than 2.5 million transactions and is used by over 1,500 finance teams at top companies like G42, Careem, Tabby, Lulu Group, Rivoli, and others. The company expanded to Saudi Arabia earlier this year and has doubled its transaction volumes every month for the past six months.
Sudeep Ramnani, founder and Managing Partner at 885 Capital, said, “Alaan is pioneering a new era of finance for businesses in the Middle East, where automation, transparency and intelligence power every transaction. We’re proud to partner with a team that’s setting a new standard for how modern companies manage spend.”
“This funding helps us go faster and deeper in KSA while helping us strengthen our roots in the UAE,” added Parthi Duraisamy, co-founder and CEO, Alaan. “We plan to build a full-fledged finance ops platform for businesses in the region. While our existing AI agents are taking on tasks like receipt matching, manual reconciliation, and VAT extraction to save real time and money, we can now focus on expanding our product offerings to take more manual work off the plate for finance teams and give them full control.”
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