Alaan Raises $48M Series A to Expand in Saudi

Alaan, a UAE-based AI-powered corporate spend management platform founded in 2022 by ex-McKinsey consultants Parthi Duraisamy and Karun Kurien, has secured $48 million in an oversubscribed Series A round led by Peak XV Partners, with participation from 885 Capital, Y Combinator, 468 Capital, Pioneer Fund, and leading regional tech founders. The round included both primary and secondary capital, making it one of the largest early-stage fintech deals in MENA. Alaan provides automated expense management solutions and corporate cards, serving over 1,500 finance teams and processing over 2.5 million transactions. The company claims its AI automation has saved clients 1.5 million hours of manual work. Following its entry into Saudi Arabia earlier this year, Alaan has doubled its transaction volumes for six consecutive months. The new funds will be used to deepen its presence in Saudi Arabia, expand hiring, and enhance AI-driven finance automation tools.