Latest news with #ParthiDuraisamy
Zawya
23-04-2025
- Business
- Zawya
Alaan hits profitability in record time, amid rising business activity in the Middle East
Dubai: Fintech Alaan announced that it has hit profitability in UAE within the first 3 years of launch - becoming the first corporate card and spend management player in the region, and one of the fastest globally to do so. Launched to the public in August 2022, the fintech's profitability was fueled by a 500% revenue growth in the last 12 months, powered by its all-in-one expense management platform. Alaan serves over 1,200 businesses across the MENA region, including leading enterprises like G42, Lulu and Sony as well as rapidly growing startups like Foodics and Invygo. Co-Founder and CEO, Parthi Duraisamy stated, "During our time in Y Combinator, we learned that the most important metric for our business isn't transaction volume - it's net revenue. That mindset shift pushed us to obsess over unit economics and build with discipline. UAE's post-COVID economic momentum created the perfect tailwind, helping us reach profitability faster than we anticipated.' The company has raised more than $7.5 million from the world's leading investors, like Y Combinator, Presight Capital, 468 Capital and renowned angels, including Mudassir Sheikha (Founder, Careem), Abdallah Abu Sheikh (Founder, AstraTech), Yi-Wei Ang (CPO, Talabat), Jad Halaoui (Founder, Washmen) and more. Alaan has a five-year exclusive partnership with Visa, and recently launched in Saudi Arabia in collaboration with Neoleap, a subsidiary of Al Rajhi Bank. To know more, visit About Alaan Alaan is the largest and most comprehensive spend management platform in the Middle East. Alaan cards are utilized by over 1000 mid-market and enterprise customers, serving more than 200,000 people, across sectors including Real Estate, Aviation, Logistics, and Retail. With its proprietary AI-powered corporate cards, Alaan has saved millions for businesses and has supercharged finance teams that are looking for a technological edge in saving time and money for their organizations. Alaan launched in 2022 in the UAE and is backed by Y Combinator, and ranked as the No.1 expense management platform by G2 across Middle East and Africa.
Zawya
25-02-2025
- Business
- Zawya
Alaan expands to KSA, launching one of the region's first cashback corporate card with Visa and neoleap
Riyadh, Saudi Arabia – After going from zero to half a billion dollars in payment volume in just over 2 years in UAE, corporate card and spend management fintech Alaan has announced its expansion into Saudi Arabia. The company is launching its corporate card in the Kingdom through an exclusive partnership with Visa and neoleap. For the first time in Saudi Arabia, businesses using Alaan Visa corporate cards will earn 1% uncapped cashback on eligible transactions, a first-of-its-kind offering in the Kingdom. Founded three years ago by former McKinsey consultants Parthi Duraisamy and Karun Kurien, the company has seen remarkable growth and now serves over 1,000 businesses across the MENA region, including prominent enterprises like G42 and Lulu, as well as rapidly growing startups like Foodics and Invygo. Alaan helps businesses streamline the expense management process by offering corporate cards with customizable limits and restrictions for employee purchases. The platform removes the need for expense reports, petty cash, and automates bookkeeping tasks through seamless integration with leading accounting solutions. To accelerate its mission in Saudi Arabia, Alaan has partnered exclusively with Visa and Neoleap, a subsidiary of Al Rajhi Bank, to support the Kingdom's ambitious push for a cashless future. The company has raised more than $7.5 million from the world's leading investors, like Y Combinator, Presight Capital, 468 Capital and renowned angels, including Mudassir Sheikha, Founder of Careem, Abdallah Abu Sheikh (Founder, AstraTech), Yi-Wei Ang (CPO, Talabat), Jad Halaoui (Founder, Washmen) and more Parthi Duraisamy, CEO and Co-founder of Alaan, said, "KSA has seen incredible growth over the past few years, and with the Kingdom's ambitions to grow and move into a cashless society by 2030, I am incredibly proud for us to be able to truly contribute to what seems to be the greatest time of growth for the region.' 'At Visa, we are dedicated to empowering fintechs with cutting-edge digital payments technology that drives innovation. Partnering with Alaan and Neoleap aligns with Saudi's 2030 vision of a cashless future, and we are excited to support businesses in Saudi Arabia with seamless, secure solutions that streamline expense management and offer unparalleled value," said Ali Bailoun, Visa's General Manager for Saudi Arabia, Bahrain, and Oman. 'As a leader in digital payments, neoleap is focused on empowering businesses with advanced fintech solutions' said Abdullah Albrahim, CEO of neoleap. Partnering with Alaan allows us to further this mission, offering seamless and efficient financial tools that drive business success and contribute to Saudi Arabia's cashless future. Alaan was recently ranked #1 globally in the spend management space by G2 and with this, it becomes the first UAE-based Spend Management company to go live in KSA. Companies can visit to get early access to the platform About Alaan Alaan is the largest and most comprehensive spend management platform in the Middle East. Alaan cards are utilized by over 1000 mid-market and enterprise customers who collectively employ more than 200,000 people, across various sectors such as Real Estate, Aviation, Logistics, and Retail. With its proprietary AI-powered corporate cards, Alaan has saved millions for businesses and has supercharged finance teams that are looking for a technological edge in saving time and money for their organizations. Alaan launched in 2022 in the UAE and is backed by Y Combinator and has been ranked as the No.1 expense management platform by G2 across the Middle East and Africa. About neoleap neoleap provides tailored financial solutions for small and medium-sized enterprises (SMEs) and financial institutions based on their specific business needs. For SMEs, neoleap offers a seamless platform for comprehensive financial management through its website and application. Users can easily create and manage their digital wallet for transactions, and conveniently order neoleap products such as POS solutions, cashier services, payment gateways, and corporate cards—all from their mobile device, anytime and anywhere. For financial institutions, neoleap offers card issuance and processing services, payment gateway integrations and transactions management, and POS solutions for banks and payment processing. neoleap your financial technology arm! About Visa Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, and @VisaNews.
