Alaan launches UAE’s first business card with up to 2% cashback

Alaan, a UAE-based enterprise expense management fintech, has announced the launch of a first reimbursement card for businesses.

The startup previously raised $2.5 million in seed funding and built a platform for businesses to spend through modern corporate cards and automated bill payments. Business customers using Alaan cards will be rewarded with up to 2% of their spend in cash back.

Commenting on the launch, Parthi Duraisamy, CEO and co-founder of Alaan, said, “Consumers have had access to these cards for a long time in the UAE, but this has not been the case for SMEs and enterprises. When businesses around the world are trying to conserve cash and reduce expenses during a recession, we are happy to help businesses in the United Arab Emirates save money and take control of their business expenses. »

Aiming to transform

Founded in 2021 by former McKinsey employees Parthi Duraisamy and Karun Kurien, Alaan aims to transform business expense processing with its platform that provides employees with business cards to make business purchases and automatically reconciles expenses in real time.

Additionally, Alaan instantly issues virtual cards for e-commerce transactions, SaaS subscriptions, vendor payments, or in-store purchases. These cards can be set up with daily or monthly spending limits and can be merchant locked for use only with certain merchants such as gas stations. The platform eliminates expense reports, the need for petty cash and automates accounting tasks through seamless integration with various accounting solution providers.

Philip Johnston, co-CEO of Opontia, and one of Alaan’s first customers, said: “Until now, we’ve had to rely on debit cards, which have high exchange rates and no options for repayment. We look forward to scaling with Alaan Cards, both to save money and to save valuable time for our finance teams, so they can focus on our business rather than management. month-end expense manual.

Alaan is headquartered in Dubai and is expanding its workforce and scale in multiple markets across the Middle East.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

About Tammy N. McFarlane

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