Dubai-Based Alaan Raises $48 Million to Expand AI Spend Platform
Founded in 2022 by McKinsey alumni Parthi Duraisamy and Karun Kurien, Alaan provides corporate spend management tools that automate finance tasks.
Dubai-based fintech platform Alaan has raised $48 million in a Series A round led by Peak XV Partners, formerly Sequoia India & SEA. The funding will fuel the company’s regional expansion, particularly in Saudi Arabia, and accelerate the development of its AI-powered finance tools.
Founded in 2022 by McKinsey alumni Parthi Duraisamy and Karun Kurien, Alaan provides corporate spend management tools that automate finance tasks such as expense reconciliation, VAT extraction, and real-time spend insights. The platform now supports more than 1,500 companies including Careem, Tabby, Lulu Group, and G42.
This latest round - one of the largest Series A raises in MENA - also saw participation from 468 Capital, Y Combinator, Pioneer Fund, 885 Capital, and several regional tech founders.
The company says it has processed over 2.5 million transactions to date. Since launching in Saudi Arabia earlier this year, Alaan reports a six-month streak of doubling transaction volume month-on-month. The company will now focus on expanding its footprint and hiring for product, compliance, and customer support teams in the Kingdom.
Alaan’s success reflects broader investor confidence in MENA’s fintech sector, particularly for platforms applying AI to modernise traditional finance workflows.
