Riyadh – Sharikat Mubasher: UAE-based Alaan, a leading spend management platform for businesses in the Middle East, secured $48 million in a heavily oversubscribed Series A round marking one of the largest in the region’s history.

The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), alongside 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund, with both primary and secondary funding, according to a recent press release.

The raise also drew backing from prominent regional entrepreneurs, including the founders of Careem, Tabby, Pleo, and Astra Tech.

Launched in 2022, Alaan has processed over 2.5 million transactions and is used by over 1,500 finance teams, including at G42, Careem, and Lulu Group. The company expanded to Saudi Arabia earlier this year and has been doubling monthly transaction volumes.

The fresh capital will accelerate its growth in the Kingdom and fuel its development of AI-driven finance automation tools. Alaan aims to reduce manual tasks such as reconciliation and VAT extraction, with plans to build a full finance operations platform for regional businesses.