Alaan Secures $48 Million to Accelerate AI-Driven Finance Automation for MENA Businesses

Fintech Alaan Secures $48 Million to Boost AI-Driven Finance Automation in MENA

Alaan, a leading spend management platform in the Middle East, has successfully raised $48 million in one of the region’s largest Series A funding rounds. The investment was spearheaded by Peak XV Partners (formerly Sequoia Capital India & SEA), with strong backing from key players including the founders of 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund.

This heavily oversubscribed round also attracted support from notable regional entrepreneurs such as Hosam Arab (Founder of Tabby), Mudassir Sheikha (Founder of Careem), and Jeppe Rindom (Founder of Pleo), among others. The funding includes both primary and secondary capital, positioning Alaan for significant growth.

Accelerating Expansion in Saudi Arabia and Beyond

The fresh capital will accelerate Alaan’s expansion in Saudi Arabia and fuel the next phase of its growth, centered on AI-driven finance automation. GV Ravishankar, Managing Director at Peak XV, highlighted Alaan’s strong product-market fit and customer-focused approach that has helped it become a category leader in MENA.

Since its launch in 2022, Alaan has processed over 2.5 million transactions and earned the trust of more than 1,500 finance teams at prominent companies like G42, Careem, Tabby, Lulu Group, and Rivoli. The company’s entry into Saudi Arabia earlier this year has seen transaction volumes double month-over-month for six consecutive months.

AI Agents Taking Finance Operations to the Next Level

Alaan’s platform currently deploys AI agents to handle tasks such as receipt matching, manual reconciliation, and VAT extraction. These automation features have already saved finance teams over 1.5 million hours of manual work. With the new funding, the company plans to expand its product suite, easing more manual tasks and giving finance teams greater control.

Sudeep Ramnani, Founder & Managing Partner at 885 Capital, emphasized that Alaan is setting a new standard for business spend management in the Middle East, focusing on automation, transparency, and intelligence in every transaction.

Parthi Duraisamy, Co-founder and CEO of Alaan, stated the funding will help deepen their presence in Saudi Arabia while strengthening their foundation in the UAE. The goal is to build a comprehensive finance operations platform tailored for businesses in the region.

Investing in Local Talent and Partnerships

Alongside product development, Alaan is increasing its hiring efforts in sales, customer success, and compliance within Saudi Arabia. The company is also forming local partnerships to better support the Kingdom’s rapidly growing business ecosystem.

Finance professionals looking to enhance operational efficiency through automation may find Alaan’s approach relevant as AI tools become more integral in managing spend. For those interested in AI applications in finance, exploring dedicated AI courses can be beneficial. Platforms like Complete AI Training’s finance AI tools offer practical learning paths.

• Over $48 million raised in Series A round
• Led by Peak XV Partners with participation from prominent investors
• Focus on AI-driven automation for finance teams
• Rapid expansion in Saudi Arabia with doubling transaction volumes
• Saved over 1.5 million hours of manual finance work
• Hiring and local partnerships underway to support regional growth