UAE Spend Management Startup Alaan Secures $4.5 Million Pre-Series A Funding

UAE Spend Management Startup Alaan Secures $4.5 Million Pre-Series A Funding

UAE-based Alaan, the leading spend management platform for Middle Eastern businesses, announced today that it has raised $4.5 Million Pre-Series A Funding, backed by Presight Capital, Y Combinator, and angel investors. Together with the $2.5M seed round last year, Alaan has raised a total of $7M in equity.

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. The platform eliminates the need for expense reports and petty cash, and automates bookkeeping tasks via seamless integration with leading accounting solution providers such as Xero, QuickBooks and Microsoft Dynamics.

Parthi Duraisamy

Commenting on the latest investment round, Parthi Duraisamy, CEO and Co-Founder of Alaan said,

“Our team has grown rapidly since we founded Alaan. Since the last financing round, not only have we launched and expanded quickly but we have also been able to introduce remarkable product innovations, including AI-powered workflow automation for managing spend and seamless accounting sync. Our cashback card offers a unique benefit in the