UAE Fintech Platform Alaan Raises $4.5 Million in a Pre-Series A Round
This latest round of funding brings Alaan’s total investments to $7 million.
Alaan, a UAE-based spend management platform for MENA businesses, has raised $4.5 million in a pre-series A round backed by Presight Capital, Y Combinator, and angel investors.
Founded in 2020 by Parthi Duraisamy and Karun Kurien, Alaan enables businesses to issue physical and virtual cards instantly and manage expenses including e-commerce transactions, SaaS subscriptions, vendor payments, government services, and in-store purchases amongst other services. The cards can also be set up with daily or monthly spending limits, and have the option to be used for specific merchants.
“Our team has grown rapidly since we founded Alaan,” Parthi Duraisamy, CEO and Co-Founder of Alaan, tells StartupScene. “Since the last financing round, not only have we launched and expanded quickly but we have also been able to introduce remarkable product innovations, including AI-powered workflow automation for managing spend and seamless accounting sync. Our cashback card offers a unique benefit in the Middle East corporate card and spend management space. With the new funds, we are excited to further enhance our offering and expand our reach in new markets as we continue to help businesses improve their efficiency, productivity, and employee experience through Alaan.”
Through the platform, clients can streamline their finances and reduce time spent on managing company expenses.
This latest round of funding brings Alaan’s total investments to $7 million, including its $2.5 million Seed round last year.
The new funds will be used to double the startup’s growth in the UAE, expand across the GCC, and enhance its product by providing new features such as automated invoice payments to domestic and international suppliers.
Fintech is one of the most funded sectors in MENA, raising almost $2.25 billion in 2022, according Magnitt’s latest Emerging Venture Markets Report. In the UAE, fintech raised 40% more funds in 2022 compared to last year. Some UAE-based startups similar to Alaan that received significant funding include Pemo raising $12 million, Qashio raising $10 million, and Pluto raising $6 million in 2022.
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