Dubai-headquartered fintech Alaan has secured $48 million to support its expansion plans in the Gulf Cooperation Council (GCC) region.
The Series A funding round drew investments from Peak XV Partners, formerly Sequoia Capital India & SEA, and other international and regional investors.
Alaan enables businesses to manage their finances. Its services include issuing corporate cards, automating expense management and streamlining payment workflows and reconciliation.
It intends to use the fresh capital to grow its business in the region, with a specific focus on Saudi Arabia. It also looks to strengthen its UAE base, scale its teams and speed up the development of its AI-powered finance operations suite, with plans including creating AI agents to automate tasks.
(Writing by Cleofe Maceda; editing by Brinda Darasha)