UAE-based fintech platform, Alaan, has raised a $48M Series A round led by Peak XV Partners, with participation from Y Combinator, 468 Capital, Pioneer Fund, and angel investors including Hosam Arab, co-founder of Tabby, Mudassir Sheikha, co-founder of Careem, and Omar Kassim, founder of Nomod.

More to Know:

• Alaan was founded in 2021 by Parthi Duraisamy and Karun Kurien.
• It offers a corporate spend management platform powered by AI to automate financial processes such as invoicing, VAT extraction, and expense categorisation.
• The platform serves over 1,500 companies in the region, including Careem, Tabby, Lulu Market, and G42.
• The funds will be used to expand its services into a full AI-driven finance operations suite, as well as grow its sales team.
• Previously raised $2.5M in a Seed round in 2022 led by 468 Capital, and $4.5M in a Pre-Series A round in January 2023 co-led by Y Combinator.