United Arab Emirates-based corporate spend management firm Alaan has rolled out the UAE’s first business cashback card, a press release said Monday (Aug. 15).
The release said business customers using Alaan cards will be rewarded with up to 2% of their spending.
Alaan, which was founded in 2021, is improving business expensing, offering cards to streamline and automatically reconcile spending. Alaan has raised $2.5 million in seed funding, with its platform letting businesses access modern corporate cards and automate invoice payments.
The company also has virtual cards for eCommerce transactions, software as a service (SaaS) subscriptions, vendor payments or in-store purchases. The company touts its ability to do away with expense reports, manual bookkeeping tasks and a 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 business cashback card. Consumers have long had access to such cards in UAE, but that has not been the case for SMEs [small and midsized enterprises] and corporates. When businesses across the world are trying to conserve cash and cut spending during a recession, we are happy to be supporting UAE businesses to save and take control of their business spending.”
The UAE has seen a number of financial innovations in recent months, with PYMNTS writing about Mashreq’s new nonbanking 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.
The services provided will include human resources, office space and cloud storage.
The company wanted to build a one-click platform within Business Banking to integrate service providers and transactions.
Mashreq’s new service will add the features with its partnership with EmiratesHR, a cloud-based HR and payroll software solution, along with Letswork, which boasts more than 100 co-working spaces, hotels and work-friendly cafes in the UAE.
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