Saudi Fintech Lean Raises US$67.5m in Series B Funding Round

Lean Technologies, a Riyadh-based financial infrastructure provider that enables businesses to embed banking services into their platforms, has secured US$67.5m in Series B funding led by General Catalyst.

The investment brings Lean's total funding to more than US$100m and positions the company to expand its open banking services across the Middle East and North Africa (MENA) region.

Investment Strategy

General Catalyst, a Silicon Valley venture capital firm known for investments in high-growth technology companies, led the round. 

Other participants included Bain Capital Ventures, Duquesne Family Office - managed by investor Stanley Druckenmiller - Arbor Ventures and Saudi Venture Capital.

Lean Technologies provides application programming interfaces (APIs) that allow businesses to access financial infrastructure and embed personalised banking services within their platforms. 

The company's technology enables direct bank account payments, also known as pay-by-bank transfers, which can reduce transaction costs compared to card payments.

Platform Capabilities

The company's infrastructure serves as a bridge between traditional banking systems and modern digital services. 

Through its API platform, businesses can access customer financial data, initiate payments, and verify account information - all with customer consent and regulatory compliance. 

This technology is part of the broader open banking movement, which aims to increase competition and innovation in financial services by allowing regulated providers to access banking data.

The platform offers two core services: pay-by-bank solutions that enable direct account-to-account payments, and open banking APIs that give businesses access to customer financial data. 

These services help reduce the technical complexity and regulatory burden for companies wanting to offer financial services.

Regional Expansion

The firm, which operates under Abu Dhabi Global Market (ADGM) regulation in the UAE, has processed more than US$2bn in transactions. 

Its client base includes telecommunications company e&, property developer DAMAC, and ride-hailing service Careem.

In Saudi Arabia, Lean has introduced data solutions through the Saudi Central Bank's regulatory sandbox - a controlled testing environment for financial innovation. 

This has enabled clients in insurance, lending and digital marketplaces to integrate financial services. Current users include insurance provider Tawuniya, financing company ALJUF, e-commerce platform Salla, and buy-now-pay-later services Tabby and Tamara.

Growth Plans

The new funding will support Lean's expansion of its open banking infrastructure across the MENA region. 

The company plans to enhance its payment processing capabilities, develop new partnerships and increase its team of technical experts. 

These developments come as the region experiences growth in digital payments and financial technology adoption.

“This funding marks a pivotal moment not only for Lean but for the entire fintech landscape in the Middle East,” says Hisham Al-Falih, CEO and Co-founder of Lean Technologies. 

“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.”

Neeraj Arora, Managing Director at General Catalyst, says: “Over the last three 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.”

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