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American Focus > Blog > Tech and Science > AI-powered fintech Alaan raises $48M, one of the largest Series A rounds in MENA
Tech and Science

AI-powered fintech Alaan raises $48M, one of the largest Series A rounds in MENA

Last updated: August 5, 2025 1:00 am
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AI-powered fintech Alaan raises M, one of the largest Series A rounds in MENA
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When Parthi Duraisamy was working as a consultant at McKinsey’s Dubai office, he encountered a significant challenge with the American Express cards his company used for corporate expenses. These cards were rarely accepted in the Middle East, forcing Duraisamy to cover travel expenses out of pocket and deal with endless expense reports.

“It was a constant pain,” Duraisamy recalled. “I’d spend my weekends uploading receipts and reconciling every expense manually.”

To address this issue, Duraisamy, along with fellow McKinsey alumnus Karun Kurien, founded Alaan, the Middle East’s leading spend management platform. Recently, the company announced a successful $48 million Series A funding round led by Peak XV Partners, with participation from notable investors like founders of 885 Capital, Y Combinator, and Pioneer Fund, as well as influential figures such as Hosam Arab (Tabby), Mudassir Sheikha (Careem), and Khalid Al Ameri.

This funding round is a significant milestone for Alaan, positioning it as a key player in the MENA fintech landscape. Compared to other regional fintechs, like Saudi Arabia’s Tamara, which raised $110 million a few years ago, Alaan’s achievement is notable.

According to GV Ravishankar, Managing Director at Peak XV, Alaan’s success can be attributed to its strong product-market fit and customer-centric approach. The company’s focus on building tailored solutions for modern finance teams has set it apart in the market.

Despite its current position as a category leader, Alaan faced numerous challenges on its path to success. Regulatory complexities and the need for banking partnerships in the UAE delayed the company’s launch for nearly a year. Similarly, expanding into Saudi Arabia required years of effort to secure approvals from the country’s apex bank before finally launching earlier this year.

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However, Alaan’s ability to innovate and adapt quickly has been a key driver of its success. The company was the first in the region to integrate Apple Pay into its B2B offerings, a move that revolutionized finance teams’ payment processes. Additionally, Alaan integrated OpenAI into its services in 2023, leveraging AI to streamline processes like receipt matching, reconciliation, and VAT extraction.

By leveraging AI-driven automation, Alaan has saved finance teams over 1.5 million hours of manual work, with plans to further enhance its automation capabilities. Since its launch in 2022, the company has processed over 2.5 million transactions for more than 1,500 finance teams across major enterprises in the region.

Notably, Alaan is already profitable, generating $10 million in revenue with $5 million in expenses. This disciplined approach to financial management, instilled by Y Combinator and mentors, has set Alaan apart in a market where payment volumes often take precedence.

Looking ahead, Alaan aims to replicate its success in Saudi Arabia, where it has experienced significant growth in transaction volumes. The Series A funding will support the company’s expansion efforts, enabling it to scale hiring and further develop its AI-driven finance automation capabilities.

Despite the rapid growth of competitors like Ramp, Duraisamy remains confident in Alaan’s fundamentals. He believes that the company’s strong revenue generation and capital efficiency will continue to drive its success, regardless of market conditions.

In conclusion, Alaan’s journey from a consulting pain point to a leading fintech player in the MENA region showcases the power of innovation and resilience in the face of challenges. With a focus on customer-centric solutions and AI-driven automation, Alaan is poised for continued growth and success in the dynamic fintech landscape.

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