Leading spend management platform Alaan has successfully raised $48 million in a Series A funding round, one of the largest funding rounds seen in the MENA region, as per an official press release by the company.
The funds are expected to be used for powering the startup’s expansion into Saudi Arabia and to help carry the company into a new stage of growth, which will be focused on AI-driven automation.
Run by ex-McKinsey partners Parthi Duraisamy and Karun Kurien, the company offers its clients corporate cards, accounting automation, and a spend management platform according to its official website.
Alaan says finance teams have saved 1.5 million hours of manual work using its product
The company says its spend management platform has helped finance teams save more than 1.5 million hours of manual work.
“This funding helps us go faster and deeper in KSA while helping us strengthen our roots in the UAE,” said Alaan co-founder Parthi Duraisamy.
The update in funding comes at a time where multiple AI startups are looking to raise money for their automation tools which often help with a specific use case—such as Nightingale HQ’s AI tool, which helps to cut down on waste in the steel industry; or medical firm Ultromics diagnostic technology, which can help to uncover elusive cardiac conditions; or LegalOn’s contract review tool which can help to identify contract risks and reduce overall duration of routine legal tasks through improved efficiency.