Dubai-based FinTech start-up Alaan raised $2.5 million funds led by Presight Capital, 468 Capital and Global Founders Capital where Mato Peric, Erik Podzuweit and Florian Prucker, founders of Scalable Capital, as well as Philippe Teixeira da Mota, founder of Hedosophia also participated.
The Alaan platform issues corporate cards to employees for company purchases and automatically reconciles spending in real-time. The multi-currency spend management platform stated that the funds would be used to expand its headcount and scale in several Middle Eastern markets. It instantly issues virtual cards in global currencies such as the UAE dirham, Saudi riyals, and US dollars for use in e-commerce, subscriptions, vendor payments, and in-store purchases. Through integration with various accounting solution providers, the platform also intends to eliminate expense reports and automate book-keeping tasks.