Dubai-based spend-management platform Alaan has raised $48 million in Series A financing, a size that ranks among the Middle East’s largest early-stage rounds for a fintech. The investment was led by Peak XV Partners, the venture firm formerly known as Sequoia Capital India & Southeast Asia, with participation from Y Combinator, 468 Capital, Pioneer Fund and the founders of 885 Capital. High-profile regional entrepreneurs, including Careem co-founder Mudassir Sheikha and Tabby’s Hosam Arab, also joined the round. Founded in 2022 by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan offers AI-driven corporate cards and software that automate receipt matching, reconciliation and VAT compliance. The company says more than 1,500 finance teams across the UAE and Saudi Arabia have processed over 2.5 million transactions through its platform, eliminating an estimated 1.5 million hours of manual work. Management adds that Alaan is already profitable, generating roughly $10 million in revenue after spending $5 million. Proceeds from the Series A will be used to scale hiring in sales, customer success and compliance, and to accelerate the firm’s push into Saudi Arabia, where transaction volume has doubled month-over-month since the service launched in January. Alaan also plans to deepen its investment in back-office AI tools as regional businesses seek to streamline expense management amid a wider Middle East startup boom.