Alaan wins key UAE central bank approval for payment and stored value licences

Alaan has received in-principle approval from the Central Bank of the UAE for Stored Value Facilities and Retail Payment Services category-II licences, clearing a path to hold customer funds, run cross-border payments and issue corporate cards under UAE regulation. The approval strengthens the Dubai-based fintech’s push to become a default spend management platform for businesses across the Middle East.

Why it matters: - The in-principle approval moves Alaan closer to operating core payment and money-holding services under Central Bank of the UAE oversight. - Final licensing could expand Alaan’s ability to hold customer funds, support cross-border payments, and issue corporate cards within a regulated framework. - The approval supports Alaan’s broader ambition to become a default spend management platform for businesses in the Middle East.

What happened: - Alaan received in-principle approval from the Central Bank of the UAE for Stored Value Facilities and Retail Payment Services category-II licences. - The announcement was made in Dubai on September 3, 2026. - The approval is subject to final regulatory permissions. - The company said the milestone follows its launch of a cross-border payment product and the region’s first AI-native business account earlier this year.

The details: - Under the planned licences, Alaan would be able to hold customer funds, run cross-border payments, and issue corporate cards under CBUAE regulation. - Alaan says it has seen triple-digit year-over-year revenue growth in the UAE since launching in 2022. - The company says it is trusted by more than 3,000 finance teams at companies including G42, Careem, Tabby, McDonald’s, Lulu Group, and Al Barari. - Alaan closed a $48 million Series A led by Peak XV Partners, one of the largest Series A rounds in the region. - The company has raised more than $55 million to date. - Alaan was founded in 2021 by former McKinsey consultants Parthi Duraisamy and Karun Kurien. - The company is a UAE Future 100 company and ranks No. 1 in expense management on G2 across the Middle East. - Alaan describes itself as the Middle East’s largest and most comprehensive spend management platform.

Between the lines: - The approval signals stronger regulatory footing for a fintech that already has product momentum in corporate spend, payments, and automation. - The move may help Alaan deepen its position in the UAE market while building toward broader regional scale. - CEO Parthi Duraisamy said the company will build to the Central Bank’s standard once licensed.

What's next: - Alaan still needs final regulatory approvals before it can operate under the new licence framework. - If completed, the licences would give Alaan a wider regulated foundation for funds handling, payments, and card issuance in the UAE. - The company is likely to keep expanding its business finance products as it pursues its regional growth plans.

The bottom line: - Alaan has cleared a major regulatory hurdle that could turn its spend management platform into a more fully licensed financial infrastructure business in the UAE.