Alaan Unveils SuperPay™ After Securing $48 Million in Series A Funding
Alaan, a prominent fintech player in the Middle East specializing in corporate card and expense management, has officially launched SuperPay™. This innovative product is specifically designed for businesses in the UAE looking to optimize their overseas supplier payment processes. By integrating card payments, invoice automation, approval workflows, accounting functionalities, and international transfers, SuperPay™ represents a significant leap in Alaan’s mission to transform financial operations in the region.
The introduction of SuperPay™ comes at a crucial time when the UAE’s cross-border payment sector is still grappling with inefficiencies. Despite an impressive $500 billion in international B2B payments annually, many businesses face opaque pricing structures, hidden foreign exchange costs, and cumbersome manual processes. Currently, only about 5% of international B2B payment volume utilizes modern corporate card systems, leaving a vast majority reliant on outdated systems that lack transparency and speed.
Since its inception in 2022, Alaan has rapidly established itself as a leader in B2B payment solutions, recently elevating its Series A funding to a remarkable $48 million. This funding was supported by notable investors, including Peak Partners XV (formerly Sequoia India) and Y Combinator. With a growing trust among over 3,000 finance teams from renowned organizations like G42, Careem, and McDonald’s, SuperPay™ builds upon the solid foundation laid over the past three years to offer a faster, more transparent, and cost-effective option for global payments.
SuperPay™ is centered around two primary functions. First, accounts payable automation streamlines the invoice process, allowing finance teams to upload invoices. Alaan’s advanced AI extracts critical details, such as amounts and dates, efficiently routes invoices for approval, and seamlessly syncs them with accounting systems before initiating payments. Secondly, the payment experience boasts clear pricing, industry-leading exchange rates, zero transfer fees, and real-time tracking for international supplier payments. Together, these features create an efficient, end-to-end workflow that eliminates hidden costs and traditional inefficiencies associated with cross-border transactions.
“We’ve witnessed the challenges financial teams encounter when making international supplier payments,” said Parthi Duraisamy, co-founder and CEO of Alaan. “With SuperPay™, we aim to deliver a modern and predictable experience for these critical transactions.”
To facilitate a smooth launch, Alaan is initially onboarding a select cohort of UAE businesses. During the beta phase, these businesses will benefit from zero transfer fees and preferential pricing, further enhancing their ability to manage supplier payments across borders.
Interested businesses can join the waitlist to experience the advantages of SuperPay™ by visiting this link.