Lean Technologies, a Riyadh-based fintech infrastructure platform, has raised $67.5 million in Series B funding round led by General Catalyst, a 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, after closing its Series A round at $33 million in 2022.
The funds raised will be used to scale its Pay-by-Bank and Open Banking offerings, further enhancing 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.
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.”
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.
Lean Technologies provides businesses with secure access to critical financial infrastructure, allowing them to embed more personalised financial services into their platforms.
