Dubai-based fintech Alaan, co-founded by former McKinsey consultants Parthi Duraisamy and Karun Kurien, has raised $48 million in one of the largest Series A rounds in the Middle East. The funding was led by Peak XV Partners (formerly Sequoia Capital India & SEA) with backing from investors including Y Combinator, 468 Capital, Pioneer Fund, and prominent regional entrepreneurs such as Hosam Arab (Tabby), Mudassir Sheikha (Careem), and YouTuber Khalid Al Ameri.
Launched in 2022, Alaan has emerged as the MENA region’s leading AI-driven spend management platform, processing over 2.5 million transactions for clients including G42, Careem, Tabby, and Lulu Group. The company’s AI technology automates expense reconciliation, VAT compliance, and receipt matching, saving finance teams over 1.5 million hours of manual work.
Following its expansion into Saudi Arabia earlier this year, Alaan plans to accelerate hiring in sales, customer success, and compliance, while deepening investment in AI-powered finance automation across the region.
Featured image: Credit: Alaan
