Dubai, UAE
Marhaba, fintech friends!
There are funding rounds, and then there are inflection points. This week, UAE-based Alaan closed a $48 million Series A, one of the largest in MENA fintech history. But the size of the round is only half the story.
Alaan launched late after spending a year navigating regulatory delays yet, within three years, it reached profitability. On just $5 million in initial capital, the company generated $10 million in revenue, doubled transaction volume six months in a row and built a business defined by compounding growth, capital discipline and operational leverage.
Its AI story adds another layer: after an early experiment with user-facing chatbots flopped, Alaan quietly retooled by embedding AI into VAT extraction, receipt matching and reconciliation. That shift toward invisible utility over flashy features paid off, especially in a region where reclaimable tax and compliance complexity are real pain points.
The raise was oversubscribed, and the cap table now includes Peak XV Partners, Y Combinator, and founders of major MENA unicorns like Mudassir Sheikha (Careem), Hosam Arab (Tabby), and Khalid Al Ameri. It’s a bet not just on Alaan, but on a new wave of AI-native, infrastructure-layer fintech built for emerging market realities.
In other news...
💸 Fundraises and Exits
🇸🇦 RIFD, Saudi-based SME securitization platform, raises funds from Antler at an undisclosed value
🇦🇪 Alaan, UAE-based B2B fintech, closes $48 million in series A funding led by Peak XV Partners (formerly Sequoia Capital India) - marking one of the largest early-stage fintech rounds in the MENA region to date
🇦🇪 Synervest Group, Abu Dhabi-based fintech holding company, raises $4 million in series A funding, led by Jura Investment Group, doubling its valuation to $60 million.
💰 Funds
The UAE's CE Ventures announces its investment in Plaid's $575 million fundraise back in April, as well as Mesh Connect's $82 million series B round
🚀 Partnerships & Product Launches
In partnership with BitPanda, RAKBANK introduces crypto trading for all its retail customers, making it the first conventional bank in the country to offer this service
Arab Financial Services expands its partnership with Oman Arab Bank to integrate advanced tokenization for global digital wallets
United Arab Bank partners with Smarbl to launch RegPRISM: an advanced regulatory intelligence and compliance management platform
Qatar Islamic Bank signs with PayLater, a Qatari BNPL, to launch a shariah-compliant BNPL solution
The Ras Al Khaimah Economic Zone (RAKEZ) partners with UAE fintech Peko to offer clients a range of digital services from invoicing to payroll and utility payments
Mastercard partners with Oman-based fintech, Monak, to introduce a digital financial services platform designed to improve cross-border money transfers for migrant workers and streamlining wage disbursement for employers
In partnership with Backbase, a global provider of AI-powered banking technology, Libyan Islamic Bank deploys its digital-first financial services platform
Abu Dhabi Islamic Bank launches Remit! Powered by Visa Direct, it allows customers to send funds to over 11 billion cards, digital wallets and bank accounts worldwide
Bybit partners with Careem to promote and drive crypto adoption across MENA.
🏛 Licensing & Regulations
The Central Bank of UAE (CBUAE) grants Lean, Saudi-based open banking platform, In-Principle Approval under the country’s new Open Finance Framework
ADGM grants UAE-based Shariah-compliant investing platform, Tabadula, In-Principle Approval
Saudi’s Spare receives In-Principle Approval from CBUAE under its new Open Finance Framework
Algeria bans crypto-currency in country, including issuing, selling, buying, mining, holding and using.
Tarabut receives In-Principle Approval from the UAE’s Central Bank under its new Open Finance Framework
Saudi’s Capital Market Authority grants Razeen Financial Company a license to conduct investment management activities
Qatar Central Bank gives TrustIn Limited, a UAE fintech offering digital escrow services, approval to join its fintech Regulatory Sandbox
CBUAE and UAE-based fintech, Mercury, establish Unitey Business Services: a joint venture aimed at supporting the country’s Financial Infrastructure Transformation program
Jeel, a pioneer of Saudi Arabia’s fintech sandbox, signs an MoU with zypl.ai to integrate zGAN - its cutting-edge, privacy-preserving synthetic-data engine - into the Kingdom’s financial ecosystem.
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📈 Number of the week
Surpassing $1 billion in Assets Under Administration after only 2 years of operation, the UAE's Wio Invest is among the fastest-growing digital investment services globally
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Until next week,
Salam ✌🏼
