Alaan, a UAE-based corporate spend management platform, has raised $48 million in a Series A funding round, to expand across the Gulf Cooperation Council (GCC) region.
Founded in 2022, Alaan is a fintech platform giving businesses across the MENA region with corporate cards and an integrated platform that automates expense management, reconciliation, and payment workflows.
According to We’ve raised a $48 Million Series A. This means a lot. Not because we were chasing it, in fact, we weren’t. We were focused on the product. Focused on making sure what we built actually worked – not just in theory, but in the hands of real finance teams…Today, I’m proud to say that over 1,500 of those teams across the UAE and KSA trust Alaan to run their finance operations.”
With the new funding, the firm will enable deeper expansion across the GCC, particularly in the Kingdom of Saudi Arabia, and accelerate development of its AI-powered finance operations suite.
The Series A round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with participation from international and regional investors. The capital includes a mix of primary and secondary investment.
Since its inception, Alaan has processed over 2.5 million transactions and is used by more than 1,500 finance teams in the region. The company reports significant growth in its recently launched Saudi Arabia operations, with transaction volumes doubling month over month for the past six months.
The new capital will support further product innovation focused on AI agents for finance teams. These agents are designed to reduce time spent on manual tasks such as receipt matching, reconciliation, and VAT data extraction. The company aims to expand its offering into a full-stack finance operations platform, helping businesses gain greater control and visibility over their spending.
Alaan also plans to strengthen its UAE base while scaling teams across sales, customer success, and compliance to support regional clients.