Alaan, a Dubai-based corporate spend management and card platform, has raised USD 48 million in a Series A round led by Peak XV Partners, the South and Southeast Asia-focused venture capital firm formerly known as Sequoia Capital India and SEA. The round also included participation from the founders of 885 Capital, Sudeep Ramnani and Jai Mahtani, as well as Y Combinator, 468 Capital and Pioneer Fund, and was described as heavily oversubscribed, incorporating both primary capital for the business and a secondary component that allowed early investors to realise partial liquidity.
Alaan provides businesses with corporate cards, real-time expense management software, and financial controls that allow finance teams to monitor and manage employee spending. The platform serves more than 1,500 finance teams at companies across the region, including G42, Careem, Tabby and Lulu Group. Alaan embeds compliance controls, approval workflows, and accounting integrations directly into the card and software product.
SAUDI ARABIA GROWTH
Alaan reported that its transaction volumes in Saudi Arabia had doubled month-on-month for six consecutive months in the period leading up to the closing of the round.
INVESTOR BACKING AND USE OF PROCEEDS
Y Combinator backed Alaan at an earlier stage.
Alaan will use the Series A proceeds to accelerate its expansion in Saudi Arabia, scale hiring across sales, customer success and compliance, and deepen investment in AI-driven finance automation. The company has not disclosed the post-money valuation implied by the round.