UAE-based spend management platform Alaan is launching an embedded business banking account for local companies, a move made possible through a new partnership with digital banking provider ruya. The new product integrates digital banking features directly into Alaan’s existing platform, creating a single workflow for businesses to manage corporate cards, supplier payments, and invoice automation.
Quick Facts
- New embedded business account launched in the UAE
- Partnership with CBUAE-regulated ruya
- Serves over 3,000 corporate finance teams
Integrating Banking into Business Workflow
The new account is designed to centralize financial operations for companies, moving away from fragmented, manual processes. The platform allows users to process local transfers and make cross-border payments to over 40 countries, which the company states will have no transfer fees.
Businesses can also receive inbound payments from customers directly into the same account used for expenses and outgoing transactions. This launch follows a recent Alaan initiative where it committed AED 3 million to support local businesses by covering their utility and telecommunications bills.
Automating Payments with AI
A key feature of the offering is an AI-powered tool that reads and processes invoices. When an invoice arrives via email or is uploaded, the system automatically extracts vendor details, VAT information, and payment due dates.
It also flags potential duplicate invoices before processing and routes bills to designated approvers, maintaining a complete audit trail. To streamline accounting, all payments sync directly with major platforms like Odoo, Zoho, Xero, and QuickBooks. The account supports unlimited users and offers cashback on all corporate card spending.
A Shariah-Compliant Banking Partnership
The technical foundation for the embedded account is provided by ruya’s Banking-as-a-Service (BaaS) infrastructure. This allows Alaan to offer Shariah-compliant digital banking to its clients. ruya is authorised and regulated by the Central Bank of the UAE.
“For decades, UAE finance teams have dealt with manual processes for payments,” said Parthi Duraisamy, Co-founder and CEO of Alaan. “With this launch, a supplier invoice that used to take hours to process now runs end to end in a few minutes.”
“By working with Alaan, we are enabling UAE companies to access seamless, Shariah-compliant digital banking within the tools they already use every day,” said Christoph Koster, CEO of ruya.
About Alaan
Launched in 2022, Alaan is a spend management platform for businesses in the Middle East. It offers services including corporate cards, automated invoice payments, and expense management. The company secured a US$48 million Series A funding round led by Peak XV Partners and currently serves more than 3,000 finance teams at organizations including G42, Careem, and Tabby.
Source: Fintech News Middle East
