Saudi Fintech Lean Secures $67.5M in Series B Funding

Team S · 2024-11-20T12:28:57.000Z

Lean Technologies, a Riyadh-based financial infrastructure provider, has successfully raised $67.5 million in a Series B funding round. This significant investment was led by General Catalyst, a prominent Silicon Valley venture capital firm known for backing high-growth technology companies. • Total raised: $67.5 million in Series B • Lead investor: General Catalyst • Other participants: Bain Capital Ventures, Duquesne Family Office, Arbor Ventures, and Saudi Venture Capital • Cumulative funding: Over $100 million Lean Technologies offers application programming interfaces (APIs) that enable businesses to integrate banking services into their platforms. The company's technology facilitates: • Direct bank account payments (pay-by-bank transfers) • Access to customer financial data • Payment initiation • Account information verification Operating under Abu Dhabi Global Market (ADGM) regulation in the UAE, Lean has already processed more than $2 billion in transactions. The fresh capital will support Lean's growth initiatives: • Expanding open banking infrastructure across the Middle East and North Africa (MENA) region • Enhancing payment processing capabilities • Developing new partnerships • Increasing the technical expert team Lean Technologies is poised to play a crucial role in the region's fintech landscape: • Clients include major companies like e&, DAMAC, and Careem • In Saudi Arabia, Lean has introduced data solutions through the Saudi Central Bank's regulatory sandbox • The company serves various sectors including insurance, lending, and digital marketplaces Hisham Al-Falih, CEO and Co-founder of Lean Technologies, emphasized the significance of this funding round, stating that it marks a pivotal moment for both Lean and the entire fintech landscape in the Middle East.

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Saudi Fintech Lean Secures $67.5M in Series B Funding | Newnex