UAE-based Alaan secures $4.5m Pre-Series A funding

UAE-based Alaan secures $4.5m Pre-Series A funding

Dubai - Mubasher: UAE-based Alaan, the leading spend management platform for Middle Eastern businesses, has raised $4.50 million Pre-Series A Funding, backed by Presight Capital, Y Combinator, and angel investors.

Together with the $2.50 million seed round last year, Alaan has raised a total of $7 million in equity, according to a press release on Tuesday.

Alaan’s platform allows businesses to instantly issue physical and virtual cards for managing all their business expenses, including e-commerce transactions, SaaS subscriptions, vendor payments, government services, or in-store purchases. These cards can be set up with daily or monthly spend limits and can also be locked to be used only with specific merchants such as fuel stations.

Founded by ex-McKinsey employees Parthi Duraisamy and Karun Kurien, Alaan has seen stellar growth since its launch in August 2022. Currently, over 100 businesses in the UAE with a combined total of over 5,000 employees are benefitting from Alaan’s platform. Alaan crossed double-digit millions in payment volume within three months of its launch and averaged a monthly growth of 500% in 2022.

The platform is now doubling down on its UAE growth and is planning to use the new funds for expansion across the GCC. Alongside international growth, Alaan aims to