Alaan, a UAE-based AI-powered spend management platform, raised $48M in Series A funding led by Peak XV Partners, marking one of the largest Series A rounds for a fintech company in the MENA region. Since launching in 2022, the company has processed 2.5M + transactions for 1,500+ finance teams, achieved profitability, and saved customers over 1.5M hours through AI-driven automation of tasks like receipt matching, reconciliation, and VAT extraction. The funding will accelerate its Saudi Arabia expansion, scale hiring, and further develop AI finance automation, building on strong capital efficiency and revenue growth.
AI-Powered Fintech Alaan Raises $48M
