Lean closes Series B at $67.5 million, bringing total funding to $100 million

Wamda

13-11-2024

Saudi Arabia-based fintech Lean Technologies has secured $67.5 million in Series B funding round, led by General Catalyst, with participation from Bain Capital Ventures, Stanley Druckenmiller's Duquesne Family Office, and Arbor Ventures, among others.
Founded in 2019 by Hisham Al-Falih, Ashu Gupta and Aditya Sarkar, Lean is an open banking platform that enables companies to access bank data and make payments.
This funding will enable Lean to scale its pay-by-bank and open banking offerings, with plans to deepen partnerships, grow its expert team, and expand its product offerings.
This brings Lean's total funding to over $100 million to date, after closing its Series A round at $33 million in 2022.
Press release:
Lean Technologies, a Riyadh-based fintech infrastructure platform, has secured $67.5 million in Series B funding led by General Catalyst, a renowned Silicon Valley-based venture capital group. The round also saw participation from Bain Capital Ventures, Stanley Druckenmiller's Duquesne Family Office and Arbor Ventures, among others. This brings Lean's total funding to over $100 million to date.
With a mission to enable the next generation of financial innovation in MENA, Lean Technologies provides businesses with secure access to critical financial infrastructure, allowing them to embed more personalised financial services into their platforms. The company believes in making financial data and payments more accessible, transparent, and beneficial for consumers and businesses, fostering a more inclusive and connected financial ecosystem.
Over the past 3 years, Lean's impact has been evident. Regulated by ADGM in the UAE, Lean has transformed payment journeys for businesses through its A2A payment solutions, simplifying 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 regulatory sandbox has impacted clients across various industries, including insurance, lending, and marketplaces, verifying nearly 1 million bank accounts. Clients like Tawuniya, Abdul Latif Jameel Finance, Salla, Tabby, and Tamara have leveraged these services to unlock new use cases, further establishing Lean as the key player in enabling the region's financial ecosystem.
Hisham Al-Falih, CEO and Co-Founder of Lean Technologies, said: 'This funding marks a pivotal moment not only for Lean but for the entire fintech landscape in the Middle East. We're witnessing fintech evolve from a specialised vertical into an essential layer of the region's economic fabric, with Lean playing a crucial role in building infrastructure that enables seamless adoption across industries. 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're 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.'
Neeraj Arora, Managing Director at General Catalyst, said, "We are excited to partner with Lean, a pioneer in open banking in the MENA region. Over the last 5 years, Lean's stellar team, led by Hisham, has demonstrated deep commitment towards solving unique local merchant
needs, earning tremendous customer loyalty. 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."
With this seminal round of funding, Lean is positioned to scale its Pay-by-Bank and Open Banking offerings, which in turn will further enhance operational efficiencies for businesses across the region. With plans to deepen partnerships, grow its expert team, and expand its product offerings, Lean is set to solidify its role as the Middle East's leading fintech infrastructure provider, driving long-term growth and innovation across the ecosystem.