Alaan, a spend management platform for MENA businesses, has reportedly collected $4.5m in its pre-Series A funding round.
Commitments to the round came from Presight Capital, Y Combinator and other unnamed angel investors, according to a report from Waya.
With the funds, the spend management startup hopes to expand across the GCC, as well as other international markets. Capital will also enable Alaan to enhance its product with new features, including automated invoice payments to domestic and international suppliers.
Founded in 2022 in the UAE, Alaan aims to help clients take control of their business spend. Its services include corporate cards, expense management, accounting automation, invoice payments and real-time insights and more.
Clients can issue unlimited corporate cards for their team. These cards are multi-currency and can either be physical or digital. The cards can be used for e-commerce, digital ads, SaaS subscriptions, government payments, fuel and more.
Tailored spend controls can be placed on each card and team members can easily submit receipts digitally via the web or mobile. These receipts are then auto-verified and available online for review by finance.
Alaan CEO and co-founder Parthi Duraisamy said, “Our team has grown rapidly since we founded Alaan. 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.”
The company previously raised $2.5m in its seed round last year.
Last year, UAE-based expense management platform Qashio secured $10m for its seed round.
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