Alaan raises $48m for spend management platform
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This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Peak XV Partners (formerly Sequoia Capital India) led the round, with participation from Pioneer Fund, 885 Capital, Y Combinator, 468 Capital, and angel investors.
Founded in 2022, Alaan's AI-based platform help firms with receipt matching, automated reconciliation, and value-added tax extraction. It claims to have saved clients 1.5 million hours of manual work. 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, with a focus on Saudi Arabia.
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