UAE fintech startup Alaan hits profitability in record time

UAE fintech startup Alaan have announced that it has hit profitability within the first 3 years of launch – becoming the first corporate card and spend management player in the region, and one of the fastest globally to do so.

Launched to the public in August 2022, the fintech’s profitability was fueled by a 500% revenue growth in the last 12 months, powered by its all-in-one expense management platform.

Alaan serves over 1,200 businesses across the MENA region, including leading enterprises like G42, Lulu and Sony as well as rapidly growing startups like Foodics and Invygo.

Co-Founder and CEO, Parthi Duraisamy stated, “During our time in Y Combinator, we learned that the most important metric for our business isn’t transaction volume – it’s net revenue. That mindset shift pushed us to obsess over unit economics and build with discipline. UAE’s post-COVID economic momentum created the perfect tailwind, helping us reach profitability faster than we anticipated.”

The company has raised more than $7.5 million from the world’s leading investors, like Y Combinator, Presight Capital, 468 Capital and renowned angels, including Mudassir Sheikha (Founder, Careem), Abdallah Abu Sheikh (Founder, AstraTech), Yi-Wei Ang (CPO, Talabat), Jad Halaoui (Founder, Washmen) and more.

Alaan has a five-year exclusive partnership with Visa, and recently launched in Saudi Arabia in collaboration with Neoleap, a subsidiary of Al Rajhi Bank.