Latest news with #financeautomation
Entrepreneur
6 days ago
- Business
- Entrepreneur
"We Got Funded!" UAE-Based Fintech Alaan Raises a US$48 Million Series A Round
The funds will accelerate Alaan's expansion in Saudi Arabia and power the next phase of its growth, focused on AI-driven finance automation. You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Alaan, a UAE-based spend management platform for businesses, has raised US$48 million - reportedly one of the largest Series A funding rounds in the history of the region. The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA) with significant participation from the founders of 885 Capital, Sudeep Ramnani & Jai Mahtani, Y Combinator, 468 Capital, and Pioneer Fund. The round was heavily oversubscribed and includes both primary and secondary funding. The round also included support from leading regional operators Hosam Arab, founder of Tabby, Mudassir Sheikha, founder of Careem, Jeppe Rindom, founder of Pleo, Khalid Al Ameri, founder of KAM, Abdallah Abu-Sheikh, founder of Astra Tech, Yi Wei Ang, CPO of Talabat, Parth Garg, founder of Aspora, and many others. The funds will accelerate Alaan's expansion in Saudi Arabia and power the next phase of its growth, focused on AI-driven finance automation. "The category has demonstrated strong product-market fit in the MENA region, and Alaan stands out as the category leader, demonstrated by their impressive growth trajectory," said GV Ravishankar, Managing Director at Peak XV. "Parthi, Karun, and the team are a high-energy, execution-focused group. Their customer-centric and product-led mindset from day one has enabled them to build solutions tailored to the needs of modern finance teams. We're excited to partner with a company that is shaping the future of fintech in the region," added Ravishankar. Since launching in 2022, Alaan has processed over 2.5 million transactions and is trusted by over 1,500 finance teams at leading companies such as G42, Careem, Tabby, Lulu Group, Rivoli and more. The company launched in KSA earlier this year and has been doubling its transaction volumes MoM for 6 months straight. Sudeep Ramnani, founder and Managing Partner at 885 Capital, said, "Alaan is pioneering a new era of finance for businesses in the Middle East, where automation, transparency, and intelligence power every transaction. We're proud to partner with a team that's setting a new standard for how modern companies manage spend." "This funding helps us go faster and deeper in KSA while helping us strengthen our roots in the UAE," added Parthi Duraisamy, co-founder and CEO, Alaan. "We plan to build a full-fledged finance ops platform for businesses in the region. While our existing AI agents are taking on tasks like receipt matching, manual reconciliation, and VAT extraction to save real time and money, we can now focus on expanding our product offerings to take more manual work off the plate for finance teams and give them full control."
Finextra
22-07-2025
- Business
- Finextra
Xelix secures $160 million Series B to advance agentic AIinnovation in accounts payable
Xelix, a leading agentic AI software company in the Accounts Payable (AP) space, today announced a $160 million Series B funding round led by global software investor Insight Partners, with follow-on investments from Passion Capital and LocalGlobe. 0 This funding will enable Xelix to accelerate platform development and support more organizations in adopting AI for their finance operations. For too long, companies have relied on manual processes and basic systems to manage Accounts Payable and vendor risk. As a result, enterprises lose millions each year to overpayments, face increased fraud risks and suffer from bloated and burdensome manual workflows. Recognizing the need for improved AP controls, Xelix's AI-powered platform seamlessly integrates with existing systems to detect payment errors and fraud, automate supplier statement reconciliations and streamline AP Helpdesk operations. Enterprise organizations such as Astra Zeneca, BAT, GSK and Virgin Atlantic have achieved millions in cost savings with Xelix whilst transforming costly, manual AP processes into automated, intelligent workflows. This investment follows a period of significant, capital-efficient growth for Xelix - driven by a differentiated product offering, massive customer ROI and a deep commitment to client support and value realisation. 'This funding marks a major milestone in our journey,' said Paul Roiter, CEO of Xelix. 'It allows us to accelerate product innovation, expand our market presence and reinforce our position as a category leader - enabling more finance teams to evolve Accounts Payable from a manual back-office function into a strategic, data-driven business partner.' Xelix's growth accelerated in 2024 with the addition of its Helpdesk module - an agentic AP ticketing tool for handling high volumes of supplier queries. Today, the Xelix platform offers three core solutions, processes over 115 million invoices annually and audits more than $750 billion in spend across 130+ global customers. 'Enterprise finance teams have long lacked an audit and control solution that is intelligent, proactive, system-agnostic, and efficient enough to support their high-volume workflows,' said Ryan Hinkle, Managing Director at Insight Partners. 'While spot checks are helpful, anything less than a full audit of every invoice leaves potential for fraud, mistakes, or abuse. Xelix uses AI to deliver a comprehensive control layer - helping enterprises eliminate overpayments and fraud risk while driving major efficiencies by automating day to day AP tasks. We are excited to back Paul, Phil, and the Xelix team in this next chapter of growth.' As part of the investment, Hinkle and Alessandro Luciano, Vice President at Insight Partners, will join the Xelix board of directors. Solano Partners, a boutique investment bank focused on founder-led software businesses, acted as exclusive financial advisor to Xelix on the transaction. Houlihan Lokey served as financial advisor to Insight Partners.
Finextra
18-06-2025
- Business
- Finextra
Tipalti buys treasury automation outfit Statement
Tipalti, the AI-powered platform for finance automation, today announced the acquisition of Statement, an AI-native treasury automation solution. With this addition, Tipalti deepens its treasury offerings with powerful real-time cash intelligence capabilities to enhance cash flow visibility, insights, and forecasting driven by AI. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Tipalti continues to accelerate its market leadership by providing a comprehensive suite of finance automation solutions in one platform, designed for mid-market businesses across accounts payable, global payouts, procurement, employee expenses, corporate cards, supplier management, tax compliance, and treasury. Transforming Treasury with AI Statement transforms traditional treasury operations, equipping finance teams with real-time visibility and control to make better financial decisions. Leveraging advanced AI and machine learning, Statement's solution automates and streamlines the manual processes of cash position visibility, cash flow forecasts, and cash insights across many types of platforms, such as banks, ERPs, billing tools, and databases. With more efficient workflows and timely cash data, finance leaders can optimize working capital, improve liquidity, and ensure forecasts are accurate, resulting in better overall control of cash flow and more informed decision-making. "I am excited to welcome Statement to the global Tipalti team and to accelerate our treasury capabilities with powerful AI innovation for finance teams around the world," said Chen Amit, CEO and Co-founder of Tipalti. "For many global businesses in today's economy, getting complete and instant cash flow visibility across bank accounts, systems, entities, and currencies is very complex. Together, we have a unique opportunity to evolve our customers' treasury operations into a key business driver, empowering them to take control of their cash flow and maintain real-time visibility of their business finances. This addition to our finance automation suite furthers our mission to elevate how finance teams operate in the global economy." "We are thrilled to join a global leader like Tipalti. We have a shared vision for transforming finance operations so our customers can focus on their business," said Idan Vlodinger, CEO and Co-founder at Statement. "Innovating in treasury with AI-driven automation has been our sole focus since day one. Our AI-native solution complements the Tipalti suite with capabilities to help businesses manage cash with ease. With Tipalti's global scale, we will be able to help more customers streamline complex cash management processes, optimize liquidity, and forecast cash flow with more confidence." Transaction Details The deal was signed on June 16, 2025 and is expected to close shortly. Terms of the acquisition were not disclosed.
