Business customers using Alaan cards will get up to 2 per cent of their spending in cash back.
Alaan, a UAE-based corporate spend-management fintech, announced the launch of an industry-first business cashback card. The startup previously had raised $2.5 Million in seed funding and built a platform enabling businesses to spend through modern corporate cards and automated invoice payments. Business customers using Alaan cards will get up to 2 per cent of their spending in cash back.
Parthi Duraisamy, CEO and Co-Founder of Alaan, said, “It’s great to have launched an industry-first business cashback card. Consumers have long had access to such cards in UAE, but that has not been the case for SMEs and corporates. When businesses try to conserve cash and cut spending during a recession, we are happy to support UAE businesses to save and take control of their business spending”.
Alaan aims to transform the processing of business expenses through its platform that provides employees with business cards to make company purchases and automatically reconciles spending in real-time.
Alaan instantly issues virtual cards for e-commerce transactions, SaaS subscriptions, vendor payments or in-store purchases. These cards can be set up with daily or monthly spend limits and can be merchant-locked to be used only with specific merchants such as fuel stations. The platform eliminates expense reports for petty cash and automates bookkeeping tasks via seamless integration with various accounting solution providers.
Philip Johnston, Co-CEO of Opontia, and an early customer of Alaan, said, “Until now, we have had to rely on debit cards, which have high FX rates and no cashback options. We look forward to scaling with Alaan cards to save money and precious time for our finance teams so they can focus on our business instead of month-end manual expense management”.