Riyadh - Mubasher: Saudi fintech Lean Technologies has secured a $67.50 million Series B funding round, bringing its total funding to over $100 million.
The fundraising transaction was led by General Catalyst, with participation from Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, and Arbor Ventures, among others.
Lean will use the funding to scale its pay-by-bank and open banking offerings that enable the next generation of financial innovation in MENA, according to a recent press release.
Regulated by the Abu Dhabi Global Market (ADGM) in the UAE, Lean has transformed business payment journeys through its A2A payment solutions. It simplifies pay-ins and payouts for major clients like e&, DAMAC, and Careem, with over $2 billion in total processed volumes.
In Saudi Arabia, Lean’s launch of its data solutions under the Saudi Central Bank’s (SAMA) regulatory sandbox has impacted clients across various industries, including insurance, lending, and marketplaces, verifying nearly 1 million bank accounts.
Hisham Al Falih, CEO and Co-Founder of Lean, said: “Our goal has always been to create a financial ecosystem that prioritises accessibility and inclusion, empowering consumers and SMEs to access the tools they need for growth.”
“With this new investment, we are energised to expand our solutions and continue supporting businesses of all sizes in delivering secure, impactful financial services that meet the needs of a dynamic region,” Al Falih mentioned.
Neeraj Arora, Managing Director at General Catalyst, said: "We believe Lean is well-positioned to become a pivotal force in driving the growth of the region by building the fintech infrastructure layer for local businesses."
