Alaan, a MENA-based FinTech firm offering AI-driven financial operations tools for businesses, has raised $48m in its Series A funding round.
The round was led by Peak XV Partners, previously known as Sequoia Capital India & SEA, and included participation from both international and regional investors. The raise comprised a mix of primary and secondary investments.
Founded in 2022, Alaan helps companies across the Middle East manage spending more efficiently through a platform that integrates corporate cards, automated expense management, reconciliation, and payment workflows.
With the fresh funding, Alaan plans to accelerate its expansion across the Gulf Cooperation Council (GCC), particularly targeting growth in the Kingdom of Saudi Arabia. The capital will also be used to enhance its AI-powered finance operations suite and to innovate further on its AI agents for finance teams.
These AI agents are built to streamline finance processes, including tasks like receipt matching, reconciliation, and VAT data extraction. The company aims to evolve into a comprehensive finance operations platform, providing businesses with improved control and visibility over their expenses.
Alaan has already seen strong traction in the region, having processed over 2.5 million transactions and supporting more than 1,500 finance teams. Its recently launched operations in Saudi Arabia have shown promising growth, with transaction volumes reportedly doubling each month for the last six months.
The company also intends to reinforce its operations in the UAE and expand its teams across sales, customer success, and compliance to better serve its growing client base.
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