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.
Related Posts
BIS explores use of data, tech and collaboration to combat money laundering
Using payments data, privacy-enhancing technologies, AI and enhanced cooperation for a behavioural-based analysis approach to detecting money laundering networks is more effective than the current rules-based approach, concludes new research from the BIS Innovation Hub.
Nubank buys Hyperplane to push AI-first strategy
Nubank is doubling down on its AI-first strategy with the acquisition of Silicon Valley-based data intelligence outfit Hyperplane for an undisclosed fee.
Deutsche Bank creates ESG centre in Singapore
Deutsche Bank is setting up an environmental, social and governance (ESG) centre of excellence in Singapore.
Alibaba backtracks on cloud division split amid global uncertainties
Alibaba Group has cancelled its plans to spin-off its cloud division due to uncertainties from US exports on AI chips.