Alaan, a spend management platform for businesses in the Middle East, has secured US$48 million in a Series A funding round.
The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with notable participation from the founders of 885 Capital, Sudeep Ramnani and Jai Mahtani, as well as Y Combinator, 468 Capital, and Pioneer Fund.
Support also came from regional and global operators, including 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 (Chief Product Officer of Talabat), and Parth Garg (Founder of Aspora), among others.
The funding will support Alaan’s expansion in Saudi Arabia and its development of AI-driven finance automation tools.
“This funding helps us go faster and deeper in KSA while helping us strengthen our roots in the UAE,”
said Parthi Duraisamy, Co-founder and CEO of 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.”
According to the company, its platform has saved finance teams over 1.5 million hours of manual work.
With the latest investment, Alaan plans to expand its hiring across sales, customer success, and compliance roles in Saudi Arabia, as well as grow its local partnerships to support the Kingdom’s business ecosystem.
Featured image credit: Alaan
