Spend management platform Alaan has announced that it has secured USD 48 million in a Series A funding round.
Led by Peak XV Partners, Alaan’s funding round also saw participation from the founders of 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund. According to the company, the round was oversubscribed and included both primary and secondary funding. Additionally, the Series A received support from regional operators, including the founders of Tabby, Careem, Pleo, KAM, Talabat, and Aspora, among others.
How will Alaan leverage the capital?
With the newly acquired funds, Alaan plans to expand its presence in Saudi Arabia and enable the next phase of its growth, focused on AI-driven finance automation. The company mentioned that the category has reflected significant product-market fit in the MENA region, with it aiming to continue its growth trajectory across the area.
Furthermore, commenting on the announcement, representatives from Alaan highlighted that the funding will help their company go deeper in the Kingdom of Saudi Arabia (KSA) while supporting it to solidify its presence in the United Arab Emirates (UAE). As part of its development strategy, Alaan intends to build a finance ops platform for businesses in the region. While its existing AI agents are performing tasks such as receipt matching, manual reconciliation, and VAT extraction to save resources, including time and money, the company now aims to focus on scaling its product offerings to take more manual work away from finance teams and equip them with complete control.
As detailed by Alaan, the company’s spend management platform has saved finance teams substantial hours of manual work. Alaan is also working on hiring new employees in sales, customer success, and compliance in Saudi Arabia and entering into local partnerships to better serve the Kingdom’s business ecosystem.
In addition to collaborating with local companies, Alaan also teamed up with Visa in March 2024 to utilise the latter’s payment network, VisaNet, along with its AI-driven spend management system to provide improved financial control and visibility to businesses across the region, aligning with the cashless society initiatives of the UAE and Saudi Arabian governments.
