3 years ago

Alaan Raises $4.5 Million for Spend Management Platform Expansion

  • Alaan, a UAE-based spend management platform for Middle Eastern businesses, has raised $4.5 million in pre-Series A funding led by Presight Capital and Y Combinator

  • The company's platform allows businesses to instantly issue physical and virtual cards for managing all their business expenses, including e-commerce transactions, SaaS subscriptions, vendor payments, government services, or in-store purchases

  • Alaan has seen stellar growth since its launch in August 2022, with over 100 businesses in the UAE with a combined total of over 5000 employees using its platform

  • The company plans to use the new funds for expansion across the GCC and to enhance its product with new features including automated invoice payments to domestic and international suppliers.

      • ProblemTechnology Infrastructure

      "Businesses in the Middle East struggle with managing expenses, often relying on manual processes and paper-based systems. This leads to inefficiencies, wasted time, and difficulty tracking spending."

      Solution

      "Alaan provides a platform that allows businesses to issue virtual and physical cards for managing all their expenses. The platform automates bookkeeping tasks, eliminates the need for expense reports, and offers features like spending limits and merchant restrictions. This simplifies expense management, improves efficiency, and provides better control over spending."

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