The well-known Silicon Valley venture capital firm General Catalyst is leading a $67.5 million Series B funding round for Lean Technologies, a fintech infrastructure platform based in Riyadh. Among others, Bain Capital Ventures, Arbor Ventures, and Stanley Druckenmiller’s Duquesne Family Office participated in the round. With this, Lean has now raised over $100 million in total funding.
Lean Technologies’ mission is to empower the next wave of financial innovation in MENA by giving companies safe access to vital financial infrastructure so they can incorporate more individualized financial services into their platforms. In order to promote a more inclusive and interconnected financial ecosystem, the company is committed to making financial data and payments more transparent, accessible, and advantageous for both businesses and consumers.
Lean has had a noticeable impact over the last three years. Lean, which is governed by ADGM in the United Arab Emirates, has revolutionized business payment processes with its A2A payment solutions. With over $2 billion in processed volumes, it has made pay-ins and payouts easier for major clients like e&, DAMAC, and Careem. Since Lean’s data solutions were introduced in Saudi Arabia under the regulatory sandbox of the Saudi Central Bank, they have verified almost 1 million bank accounts for customers in a variety of sectors, including lending, insurance, and marketplaces. Lean has further solidified its position as the primary facilitator of the region’s financial ecosystem by leveraging these services to unlock new use cases for clients like Tawuniya, Abdul Latif Jameel Finance, Salla, Tabby, and Tamara.
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.”
This groundbreaking funding round puts Lean in a position to expand its Pay-by-Bank and Open Banking services, which will further improve operational efficiency for companies in the area. Lean intends to strengthen its position as the top supplier of fintech infrastructure in the Middle East by expanding its product offerings, growing its team of experts, and strengthening partnerships. This will spur long-term growth and innovation throughout the ecosystem.
