UAE-based Alaan launches cashback business cards

Alaan, a corporate spending management company based in the United Arab Emirates, has launched the UAE’s first business cashback card, Press release said Monday (August 15).

Business customers who use the Alaan card will receive up to 2% bonus on spending, the release said.

Founded in 2021, Alaan is improving business spending, offering cards to simplify and automate spending reconciliation. Alaan has raised $2.5 million in seed funding, and its platform allows businesses to access modern corporate cards and automatically pay invoices.

The company also has virtual cards for e-commerce transactions, software-as-a-service (SaaS) subscriptions, vendor payments or in-store purchases. The company touts its ability to eliminate expense reports, manual bookkeeping tasks and the need for petty cash.

Commenting on the launch, Parthi Duraisamy, CEO and co-founder of Alaan, said: “It is great to launch an industry-first business cashback card. Consumers in the UAE have long had access to such cards, but not SMEs [small and midsized enterprises] and business. As businesses around the world try to conserve cash and cut spending during the recession, we are delighted to support UAE businesses in saving and controlling their business spending. “

There have been many financial innovations in the UAE in recent months, and PYMNTS has written about Mashreq’s new non-banking services platform, Mashreq Commercial Banking Value-Added Services, which will provide small businesses with a variety of fintech startups and other service providers. access rights and discounts.

read more: UAE-based FI Mashreq launches non-banking platform for small businesses

Services offered will include human resources, office space and cloud storage.

The company wants to build a one-click platform in commercial banking to integrate service providers and transactions.

Mashreq’s new service will add to these capabilities by partnering with EmiratesHR, a cloud-based HR and payroll software solution, and Letswork, which has more than 100 co-working spaces, hotels and work-friendly cafes across the UAE.