Alaan raises $48 million Series A to transform spend management in MENA
Founded in 2022 by Parthi Duraisamy and Karun Kurien, Alaan allows businesses to manage finances through card issuing and automated date extraction and consolidation.
After extending its services to Saudi earlier this year, Alaan will use the funds to expand its operations across the MENA region and enhance its product offerings.
In 2023, Alaan closed a pre-Series A of $4.5 million, backed by Presight Capital, Y Combinator, and angel investors.
Press release:
Alaan, the Middle East's leading AI-powered spend management platform, has raised $48 million in a Series A funding round. The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with participation from 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund. Notable investors include founders of unicorn companies such as Tabby and Careem, as well as prominent regional figures like Khalid Al Ameri.
Founded by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan addresses the unique challenges faced by finance teams in the MENA region. The platform offers a comprehensive solution for managing corporate expenses, integrating seamlessly with local banking systems and providing features like real-time expense tracking and AI-driven insights.
This funding will enable Alaan to expand its operations across the MENA region, enhance its product offerings, and further solidify its position as a leader in the fintech space.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wamda
13 hours ago
- Wamda
Alaan raises $48 million Series A to transform spend management in MENA
UAE-based B2B fintech Alaan has raised $48 million in a Series A funding round led by Peak XV Partners (formerly Sequoia Capital India) and joined by Pioneer Fund, 885 Capital, Y Combinator, 468 Capital, and angel investors. Founded in 2022 by Parthi Duraisamy and Karun Kurien, Alaan allows businesses to manage finances through card issuing and automated date extraction and consolidation. After extending its services to Saudi earlier this year, Alaan will use the funds to expand its operations across the MENA region and enhance its product offerings. In 2023, Alaan closed a pre-Series A of $4.5 million, backed by Presight Capital, Y Combinator, and angel investors. Press release: Alaan, the Middle East's leading AI-powered spend management platform, has raised $48 million in a Series A funding round. The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with participation from 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund. Notable investors include founders of unicorn companies such as Tabby and Careem, as well as prominent regional figures like Khalid Al Ameri. Founded by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan addresses the unique challenges faced by finance teams in the MENA region. The platform offers a comprehensive solution for managing corporate expenses, integrating seamlessly with local banking systems and providing features like real-time expense tracking and AI-driven insights. This funding will enable Alaan to expand its operations across the MENA region, enhance its product offerings, and further solidify its position as a leader in the fintech space.
Jordan Times
13 hours ago
- Jordan Times
MadfoatCom is officially certified as a Great Place To Work® in Jordan
MadfoatCom, a pioneering company in the financial technology sector in Jordan, has been certified for the first time as a Great Place To Work, following the Great Place To Work assessment, based on employee feedback and workplace culture practices. This certification marks a significant milestone for MadfoatCom, which has consistently demonstrated a commitment to fostering a positive, inclusive, and empowering work environment. The results of the Great Place To Work Trust Index survey confirmed that the company's team feels trusted, respected, and proud to be part of the organization. In a related statement, Christie Janho, Director of Great Place To Work Jordan, said: 'Jordan is emerging as a regional hub for fintech innovation, and organizations like MadfoatCom are leading the way. Their success is built not only on cutting-edge technology but also on the strength of their people and culture. Creating a workplace where employees feel valued and inspired is a key driver of long-term success. We congratulate the entire team at MadfoatCom for this well-deserved recognition and warmly welcome them to the growing Great Place To Work community in Jordan.' In a related statement from the company: "At MadfoatCom, we believe that meaningful innovation is rooted in an environment where employees feel recognized, supported, and empowered. Great Place to Work certification is a recognition which affirms that building a leading fintech company starts with building a culture rooted in trust, inclusion, and shared purpose. Our team is the beating heart of our innovation, the drivers of our mission, and the reason we continue to lead. We're not only advancing digital financial services across the region; we're creating a workplace where every voice matters and every contribution leaves a mark." About MadfoatCom: MadfoatCom is a leading fintech company in Jordan focused on electronic bill presentment and payment (EBPP). We offer governments, banks, and enterprises a secure, real-time platform that enables digital bill inquiries, payments, and reconciliations. By bridging the gap between billers and payers, our solutions improve operational efficiency, enhance transparency, and support financial inclusion. Operating across multiple countries, MadfoatCom is committed to driving innovation in public and private sector payment ecosystems, making everyday financial interactions smarter, faster, and more reliable.
Al Bawaba
14 hours ago
- Al Bawaba
Azizi Developments launches Azizi Abraham in Jebel Ali Free Zone
Azizi Developments, a leading private developer in the UAE, has announced the launch of Azizi Abraham, a vibrant new residential development located within the Jebel Ali Free Zone (JAFZA) —the UAE's flagship integrated business hub. As one of the few freehold residential properties in JAFZA, the project offers investors the chance to own their home in the heart of one of the world's largest free zones and the region's biggest port, with seamless access to key destinations in the against the Shiekh Zayed Road backdrop with immediate metro connectivity, Azizi Abraham offers excellent accessibility to key commercial and leisure destinations, including Ibn Battuta Mall, Dubai Marina, Expo City, and Al Maktoum International Airport. With over 100 Fortune Global 500 companies in close proximity, the project caters to professionals and families seeking modern living at the heart of Abraham features a selection of studios, 1-, 2-, and 3-bedroom apartments with stylish exteriors, ultra-modern interiors, and exclusive amenities, including rooftop infinity pools, a modern cinema, fully equipped fitness center, kids' play areas, saunas, jacuzzies, steam rooms, BBQ areas and landscaped jogging and cycling Farhad Azizi, Group CEO of the Azizi group of companies, said: 'Azizi Abraham is purposefully designed to meet the needs of Dubai's growing cosmopolitan population. With its exceptional location, lifestyle offering, and connectivity, it is a stunning example of what it means to live ambitiously in one of the world's leading trade and logistics free zones.'Azizi Abraham continues Azizi Developments' track record of strategic land bank utilization and enhancing up-and-coming residential destinations across the country, alongside standout projects in MBR City, Palm Jumeirah, Sheikh Zayed Road, Dubai Healthcare City, Dubai South, Dubailand, Al Furjan, Studio City, Sports City and Downtown Jebel official launch event will take place on Thursday, 7 August 2025, in the Grand Ballroom (2nd floor) of the 5-star Conrad Hotel on Sheikh Zayed Road, from 9:00 AM to 7:00 PM, offering investors and prospective homeowners an exclusive first look at this one-of-kind new project. Azizi Developments' Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
