Dubai: McKinsey Alumni-Founded Alaan Raises $48 Million in Series A - Bloomberg
A Dubai-based fintech founded by two former McKinsey & Co. consultants has raised $48 million, underscoring continued investor confidence in Middle Eastern startups.
Alaan’s fundraise — one of the region’s larger Series A rounds — was led by Peak XV Partners, formerly Sequoia Capital India & Southeast Asia, it said in a statement. The fintech did not disclose its valuation.
The round also drew participation from Y Combinator, 468 Capital and Pioneer Fund as well as the founders of 885 Capital. Proceeds will be used primarily to fund expansion in Saudi Arabia.
Launched in 2022 by Parthi Duraisamy and Karun Kurien, Alaan helps companies manage expenses through corporate cards, artificial intelligence-led automation and centralized dashboards. The company has processed more than 2.5 million transactions to date and counts Abu Dhabi’s AI firm G42 and grocery chain Lulu Group among its clients.
In a sign of growing investor interest in the expense management space, New York-based Ramp raised $500 million last week in a round that valued the fintech at $22.5 billion.
Alaan’s fundraise, following Dubai-based Xpanceo’s $250 million Series A last month, suggests that a rebound in venture capital investments in the Middle East that began earlier this year is continuing.
In the first half of 2025, startups in the region nearly doubled their fundraising to $1.35 billion, led by Saudi Arabia and the United Arab Emirates, according to data platform Magnitt. That growth stands in contrast to global emerging venture markets, where funding fell to $3.98 billion — the weakest first half since 2017.
Fintech remained the favored sector across the broader Middle East and North Africa region, with funding tripling year over year.
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