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UAE-based corporate spend management fintech company Alaan has announced the launch of an industry-first business cashback card.
The startup had previously raised $2.5 million in seed funding and built a platform that enables businesses to spend with modern corporate cards and automated invoice payments. Business customers who use the Alaan card will receive up to 2% cash back.
Commenting on the launch, Parthi Duraisamy, CEO and co-founder of Alaan, said: “For a long time, consumers in the UAE have had access to such cards, but not SMEs and businesses. We are delighted to support UAE businesses in saving and controlling their business spending as they try to save cash and cut spending.”
Aim for transformation
Founded in 2021 by former McKinsey employees Parthi Duraisamy and Karun Kurien, Alaan aims to transform the way business expenses are handled through its platform, which provides employees with business cards for company 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. The cards can have daily or monthly spending limits and can be locked by merchants for use only at specific merchants such as gas stations. The platform eliminates expense reporting, the need for petty cash, and automates bookkeeping tasks through seamless integration with various accounting solution providers.
Philip Johnston, Co-CEO of Opontia and an early customer of Alaan, said: “Up until now, we had to rely on a debit card, which has a high exchange rate and no cashback option. We look forward to expanding with the Alaan card, which will give us both Our finance team saves money and valuable time so they can focus on our business instead of manual expense management at the end of the month.”
Alaan is headquartered in Dubai and is expanding its workforce and scale in several markets in the Middle East. — arab trade news agency
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