UAE-based business expense management company Alaan has rolled out the UAE’s first business reimbursement card, a press release announced on Monday (August 15th).
The release says business customers using Alaan cards will be rewarded up to 2% of their spend.
Alaan, which was founded in 2021, improves business spending by offering cards to automatically streamline and reconcile spending. Alaan has raised $2.5 million in seed funding, its platform enabling businesses to access modern corporate cards and automate bill payments.
The company also offers virtual cards for e-commerce transactions, software-as-a-service (SaaS) subscriptions, vendor payments, or in-store purchases. The company touts its ability to eliminate expense reports, manual accounting tasks, and the need for petty cash.
Commenting on the launch, Parthi Duraisamy, CEO and Co-Founder of Alaan, said, “It’s great to have launched an industry first professional cashback card. Consumers have long had access to these cards in the UAE, but this has not been the case for SMEs [small and midsized enterprises] and businesses. When businesses around the world are trying to conserve cash and reduce expenses during a recession, we are happy to help businesses in the United Arab Emirates save money and take control of their business expenses. »
The UAE has seen a number of financial innovations in recent months, with PYMNTS writing about Mashreq’s new non-banking business services platform, Mashreq Business Banking Value Added Services, which will give small businesses access and discounts to various FinTech startups and other service providers.
Read more: UAE-based FI Mashreq launches non-banking services platform for small businesses
Services provided will include human resources, office space and cloud storage.
The company wanted to create a one-click platform within Business Banking to integrate service providers and transactions.
Mashreq’s new service will add the functionality through its partnership with EmiratesHR, a cloud-based HR and payroll software solution, as well as Letswork, which has more than 100 friendly coworking spaces, hotels and cafes in the United Arab Emirates. United.