Alaan and Visa sign a landmark 5-year deal to help drive the cashless agenda of UAE and KSA

Gulf Network

Alaan, UAE’s fastest growing corporate card solution, and Visa, a world leader in digital payments, announced a landmark 5-year deal to digitize expense management processes for businesses in UAE and KSA.

This five-year strategic alliance aims to leverage Visa's industry-leading payment network, VisaNet, and Alaan’s AI-powered spend management system to deliver enhanced financial control and visibility to businesses across the region, in line with UAE and KSA governments’ cashless society agendas.

As Visa continues to shape the future of payments and money movement for businesses in the region, this partnership comes at a time when the Middle East is experiencing a paradigm shift in the way in which corporate expenses are handled, solidifying the payment technology leader’s commitment to advance the ecosystem.

Alaan's partnership with Visa represents a significant milestone in the company's mission as it continues to double down its investment in R&D and innovate its platform for forward-thinking businesses in the Middle East.

This further amplifies the DIFC-based Fintech’s goal of leveraging technology to help companies take control of their business spend. This alliance will enable Alaan's clientele to benefit from enhanced efficiency, security, and flexibility in managing their corporate spending.

"At Visa, we are committed to fostering strategic partnerships that enhance and secure the region’s payments ecosystem and deliver innovative corporate solutions that support businesses in their digital transformation," said Dr Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for GCC.

"Our collaboration with Alaan is a testament to this commitment, and we look forward to working with them to empower more businesses and companies in the Middle East with innovative spend management solutions."

Currently used by 500+ organizations, Alaan's platform, known for its enterprise-grade spend management features, is set to further bolster its expansion plans with this partnership.

This will facilitate advancements in real-time tracking, automated reconciliations, and streamlined expense management for businesses. By leveraging Visa's global network, Alaan will also offer its users seamless international payment capabilities, further enhancing the platform's value proposition.

Parthi Duraisamy, CEO at Alaan, expressed enthusiasm about the partnership, stating, "This exclusive alliance with Visa marks a pivotal moment for Alaan. Together, we are not just offering a spend management solution; we are transforming how businesses in the Middle East manage their finances. Our shared vision with Visa to innovate and simplify financial processes will drive unprecedented efficiency and growth for our customers."

The partnership also includes joint marketing initiatives aimed at accelerating the adoption of advanced spend management solutions in the Middle East. These efforts underscore the commitment of both Alaan and Visa to support the economic growth and digital transformation of the region.

As Alaan and Visa embark on this exciting journey, businesses in the Middle East can look forward to a future where managing corporate spending is not just easier, but also a strategic advantage.

About Alaan

Alaan is the largest and most comprehensive spend management platform in the Middle East. Alaan cards are utilized by over 500 mid-market and enterprise customers who collectively employ more than 100,000 people, across various sectors such as Real Estate, Aviation, Logistics, and Retail.

With its proprietary AI-powered corporate cards, Alaan has saved AED 100Mn+ for businesses and has supercharged finance teams that are looking for a technological edge in saving time and money for their organizations.  

After launching in 2022, the DIFC-based fintech grew 10x in 2023 and continues to expand, with plans to expand operations in KSA and other MENA Countries in 2024

About Visa

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second.

The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.