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Alaan Secures $48M Series A Funding, Redefining Spend Management in MENA

by THEFUTURE.TEAM

August 5, 2025

From Personal Frustration to Fintech Innovation

While working as a consultant at McKinsey’s Dubai office, Parthi Duraisamy experienced first-hand the challenges of relying on American Express for corporate expenses—a card seldom accepted in the Middle East. Faced with mounting out-of-pocket costs and endless expense reports, Duraisamy’s frustrations sparked the idea for a solution that would revolutionize corporate spend management in the region.

Empowering Finance Teams Across the Region

Teaming up with fellow McKinsey alumnus Karun Kurien, Duraisamy launched Alaan—today the Middle East’s leading spend management platform. With a recent $48 million Series A funding round led by Peak XV Partners, alongside investments from noteworthy figures such as Hosam Arab of Tabby, Mudassir Sheikha of Careem, and popular regional influencer Khalid Al Ameri, Alaan is poised to redefine corporate finance in MENA.

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Navigating Complex Regulatory Hurdles

Alaan’s journey to the forefront of fintech was not without significant challenges. Initial regulatory complexities and the necessity for robust banking partnerships delayed its launch by nearly a year. Similar obstacles were encountered during its expansion into Saudi Arabia. Despite these hurdles, Alaan has steadily built a reputation for its customer-centric, product-led approach.

Pioneering Technological Integration

Innovation has been key to Alaan’s success. The platform became the first in the region to integrate Apple Pay into its B2B offerings, thereby addressing gaps in the market. In early 2023, Alaan also embarked on integrating OpenAI—initially trialing a consumer-facing chatbot, before shifting to background AI technology that streamlines processes such as receipt matching, reconciliation, and VAT extraction. This move has notably saved finance teams over 1.5 million hours of manual work.

Strong Fundamentals and Future Expansion

Since its 2022 launch, Alaan has processed over 2.5 million transactions for more than 1,500 finance teams across major enterprises including G42, Careem, Tabby, and Lulu Group. With a profitable operating model—spending $5 million to generate $10 million in revenue—the company has demonstrated resilient fundamentals. Duraisamy emphasizes that capital efficiency and robust revenue generation were central to securing investor confidence, rather than pure transaction volume.

Looking Ahead

The new funding will accelerate Alaan’s expansion in Saudi Arabia and further enhance its AI-driven finance automation. As the platform continues to challenge the status quo of traditional spend management, its strategic blend of regulatory navigation, innovative technology, and disciplined execution sets a compelling example for fintech innovators in emerging markets.

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Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

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Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.