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The Front Page of Fintech

The largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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The time is ALAAN (TWIF - MENA 07/08)

The time is ALAAN (TWIF - MENA 07/08)
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

Today I’m proud to announce one of the largest Series A rounds in the history of the Middle East. | Parthi Duraisamy | 415 comments
Today I’m proud to announce one of the largest Series A rounds in the history of the Middle East. Alaan has raised $48 million, led by Peak XV Partners (formerly Sequoia Capital India & SEA), with significant participation from 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund. The round was heavily oversubscribed. We’re fortunate to have some of the world’s best operators join us as angels: Hosam Arab (Founder, Tabby), Mudassir Sheikha (Founder, Careem), Jeppe Rindom (Founder, Pleo), Khalid Al Ameri (Founder & Creator), Abdallah Abu-Sheikh (Founder, Astra Tech), Yi-Wei Ang (CPO, Talabat), Parth Garg, Omar Kassim, Shail Kaveti, and others. We’re also excited to welcome Ravishankar GV to our board, and Sudeep R. and Mato Perić as board observers. In just 3 years, Alaan has grown into one of the most widely adopted fintech platforms in the UAE, serving over 1,500 businesses. Earlier this year, we began our journey in KSA. Our AI agents are already quietly helping finance teams: automating receipt matching, VAT extraction, and eliminating manual reconciliation. With this funding, we’re doubling down on AI agents to remove even more manual work and give finance teams full control over spend. Our mission is to simplify finance for businesses and help them prosper. If you’re a business in the UAE or KSA, sign up at Alaan الآن or visit alaan[dot]com. Let’s go 🚀 | 415 comments on LinkedIn

🇦🇪 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

🎙️ This morning on Dubai Eye 103.8's Business Breakfast show, our COO, Mehdi Tazi, joined the conversation to unpack what our IPA under the UAE’s Open Finance Framework means for the ecosystem, our… | Lean Technologies
🎙️ This morning on Dubai Eye 103.8’s Business Breakfast show, our COO, Mehdi Tazi, joined the conversation to unpack what our IPA under the UAE’s Open Finance Framework means for the ecosystem, our clients, and the future of financial access in the region. From real-time bank payments to richer financial data, Open Finance is set to reshape how people pay, borrow, and build. And Lean is proud to be leading the way.

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 ✌🏼