Alaan, a UAE-based AI-powered corporate spend management platform founded by former McKinsey consultants, has raised $48 million in Series A funding.
Peak XV Partners (formerly Sequoia Capital India) led the round, with participation from Pioneer Fund, 885 Capital, Y Combinator, 468 Capital, and angel investors.
Launched in 2022, Alaan’s AI-driven platform assists firms with receipt matching, automated reconciliation, and value-added tax extraction, claiming to have saved clients 1.5 million hours of manual work while processing over 2.5 million transactions for more than 1,500 finance teams.
The funding will be used to expand operations across the MENA region, focusing on Saudi Arabia.