Fintech company Lean in Saudi Arabia secures $67.5 million in Series B funding, led by General Catalyst, for its open banking platform.
In a significant move for the fintech industry in the Middle East, Lean Technologies, a Riyadh-based fintech infrastructure provider, has secured $67.5 million in Series B funding. This investment, led by General Catalyst, marks the first investment by this firm in a Saudi startup.
With this funding round, Lean Technologies' total funding now exceeds $100 million. The company, founded in 2019, provides data and payment tools through its financial APIs to help businesses build financial products for their customers in the UAE and Saudi Arabia.
Lean operates under the Central Bank's regulatory sandbox in Saudi Arabia and works with a variety of clients, including Tawuniya, Abdul Latif Jameel Finance, Salla, Tabby, and Tamara. The new investment will be used to expand Lean's solutions and continue supporting businesses of all sizes in delivering secure, impactful financial services.
Hisham Al-Falih, CEO and Co-Founder of Lean Technologies, stated that this funding marks a pivotal moment for Lean and the entire fintech landscape in the Middle East. He further added that the investment would enable them to accelerate their growth and expand their reach across the region.
In addition to General Catalyst, Bain Capital Ventures, Duquesne Family Office, and Arbor Ventures also participated in the funding round. Hisham Al-Falih also mentioned that the new investment will be used to expand Lean's solutions and continue supporting businesses of all sizes in delivering secure, impactful financial services.
In Saudi Arabia, Lean has verified nearly 1 million bank accounts and serves major clients including e&, DAMAC, and Careem. Regulated by the Abu Dhabi Global Market (ADGM) in the UAE, Lean has processed over $2 billion in payment volumes through its account-to-account (A2A) payment solutions.
Recently, the Saudi Central Bank (SAMA) announced the release of its second Open Banking Framework, focusing on Payment Initiation Services. This framework will enable providers like Lean to allow their merchants to accept payments directly from customers' bank accounts, further enhancing the company's offerings and position in the market.
As Lean Technologies continues to grow and innovate, it is clear that the fintech landscape in the Middle East is poised for significant growth and transformation. With the support of leading investors and partnerships with major clients, Lean Technologies is well-positioned to lead this change and deliver secure, impactful financial services to businesses and individuals across the region.
Lean Technologies, having secured $67.5 million in Series B funding, will utilize the investment to broaden its financial solutions and maintain support for businesses of all sizes in delivering secure and impactful financial services. The investment, led by General Catalyst and joined by Bain Capital Ventures, Duquesne Family Office, and Arbor Ventures, places Lean Technologies in a strong position to take advantage of the thriving fintech landscape in the Middle East and lead in the delivery of secure financial services to businesses and individuals across the region.
