Mudassir Sheikha, the founder of Careem, has joined a group of top investors backing UAE fintech Alaan in its record $48 million Series A round. This investment is a major milestone for MENA’s fintech sector as Alaan accelerates its expansion with AI-powered spend management tools.
Alaan’s $48 Million Series A Draws Star Investors
Alaan raised $48 million in one of the Middle East’s largest fintech Series A rounds. Peak XV Partners (formerly Sequoia Capital India & SEA) led the round. Other investors included 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund. The round was oversubscribed, with several regional founders and operators joining as angel investors.
Mudassir Sheikha’s participation reflects strong confidence in Alaan’s mission to automate finance operations for businesses. His success with Careem, the ride-hailing platform acquired by Uber, has made him a leading figure in the MENA startup ecosystem.
Mudassir Sheikha’s involvement serves as a strategic endorsement of Alaan’s growth. Having built Careem into a billion-dollar company, his experience in scaling tech-driven platforms aligns with Alaan’s vision to transform corporate spend management.
Other notable angels include Hosam Arab (Founder, Tabby), Khalid Al Ameri (Founder & Creator), and Careem alumni. They believe Alaan is on track to become the next fintech powerhouse from the region.
Careem Exits Ride-Hailing in Pakistan
Despite backing Alaan in its Series A funding, Sheikha’s Careem recently ceased its ride-hailing operations in Pakistan on July 18. The company cited multiple challenges influencing this decision, including a tough economic climate, rising competition, and the difficulty of maintaining safe and reliable services.
However, Careem will continue its presence in Pakistan through Careem Technologies. The focus will now shift to expanding their “Everything App,” which offers services like food delivery, digital payments, and other on-demand solutions.
While Alaan’s $48 million Series A reflects a booming investment climate in MENA, Pakistan’s startup ecosystem still struggles with inconsistent economic policies, limited investor confidence, and challenging market dynamics. The contrast is evident: where MENA investors are fueling AI-driven fintech platforms to scale regionally, Pakistani startups continue to face barriers that force even successful ventures like Careem to scale back operations.