Alan, the Middle East Finteci startup, attracted $ 5 million in one of Mina’s largest capital

Party Durrassami, who once spent his weekends, is now at the forefront of one of the most successful fintechs in the region. Alan, the cost management startup he founded has recently attracted $ 5 million in Serie A; A figure that consolidates the company’s position as Fintech leader in the Middle East.

Party Durrassami faced a serious challenge in receiving credit cards when he was a consultant at the McKekinsi office in Dubai. He had to pay the heavy costs of the trip personally and spend hours on a manual matching. This inspirational experience was made to set up Alan; A startup that is the pioneer of cost management in the region today.

Alan has recently attracted $ 5 million in Serie A; Avoidance by Peak XV Partners (previously known as Sequoia Capital India & Sea), and prominent investors such as Y Combinator, Capital 2, Capital and Pioneer Fund have also participated in it. (Careem) and the famous Influencer, Khaled al -Ameri, have also invested in this round.

Managing Director Peak XV, GV Ravishankar, praised Alan’s performance:
“By focusing on customer and product, the company has been able to build solutions to modern financial teams in the region and become an undisputed leader in the market.”

Early challenges

Although Alan succeeded in attracting $ 1.5 million in initial capital in year 2, its operations were postponed for almost a year. The main reason was the complexity of the regulatory and the need for banking partnerships in the UAE and Saudi Arabia. Launch in Saudi Arabia also lasted until January to obtain the central bank’s approval.

Durrassami said about these obstacles:
“Our biggest challenge, both in the UAE and in Saudi Arabia, was the beginning.”

Innovation and the Role of Artificial Intelligence

Alan was able to quickly consolidate his position with pioneering measures such as the integration of Apple Pay in B2B services as well as the use of Openai in year 6. While the initial chats were not welcomed, the company changed its path and used artificial intelligence in the background to adapt, extracting VAT and automating financial reports; A transformation that was widely welcomed by financial teams.

According to Alan, the platform has so far saved more than 1.5 million hours of handling for financial teams and has contributed to businesses such as Careem, G42, Lulu Group and Tabby to carry out 1.5 million transactions.

Financial performance and productivity

Durrassami emphasizes that Alan is not only profitable, but only $ 5 million has been able to make $ 5 million. He praised the role of Y Combinator and his coaches in the formation of this operational order, pointing out that, unlike many fintechs that focus solely on the volume of payment, Alan has moved on financial and productivity principles.

Focusing on Saudi Arabia

After a successful launch in Saudi Arabia early in the year, Alan announced that the volume of transactions in the country has doubled every month. The capital -attracted capital in Serie A is expected to accelerate the growth of Alan in Saudi Arabia and allow the company to expand the sales team, customer success and adapt to the rules. Also, Alan intends to double investing in artificial intelligence -based automation.

Alan has been one of the most successful fintechs in the Middle East with a strong team -based, product -oriented mentality, and commitment to innovation. Attracting $ 5 million in Serie A is the confirmation of this success. Now, with the expansion of activity in Saudi Arabia and continuing to focus on automation and artificial intelligence, a bright future awaits Alan and its founders.