Lean Technologies receives a grand $67.5 million in Series B funds

Leveling Up — Lean Technologies Secures $67.5M to Power Open Banking Growth

Riyadh-based fintech powerhouse, Lean Technologies, has just received a major boost, securing a $67.5 million Series B funding. The round was led by the renowned investment firm, General Catalyst. This significant investment marks General Catalyst’s first foray into the Saudi startup ecosystem. Furthermore, the latest investment brings Lean‘s total funding to over $100 million.

Building the Foundation for MENA’s Fintech Future

Lean Technologies is revolutionizing how businesses operate in the MENA region. Founded in 2019 by a visionary team, Lean provides cutting-edge data and payment solutions through its powerful APIs, enabling businesses to seamlessly integrate financial services into their offerings.

Powering Payments Across the Region

With a strong focus on Account-to-Account (A2A) payments, Lean has already processed over $2 billion in transactions, serving a diverse clientele including major players like e&, DAMAC, and Careem. In Saudi Arabia, Lean has made significant strides, verifying nearly 1 million bank accounts and partnering with leading companies such as Tawuniya, Abdul Latif Jameel Finance, Salla, Tabby, and Tamara.

Riding the Open Banking Wave

The recent release of the Saudi Central Bank’s (SAMA) second Open Banking Framework presents a significant opportunity for Lean. This framework, with its focus on Payment Initiation Services, will empower providers like Lean to offer seamless and innovative payment solutions, enabling businesses to accept payments directly from customer bank accounts.

Lean Technologies to fuel Growth and Expansion

This latest funding round will fuel Lean’s continued growth and innovation. The company plans to:

• Expand its product suite: Develop new and innovative solutions that leverage the power of Open Banking.
• Scale its operations: Strengthen its market position and expand its reach across the MENA region.
• Forge strategic partnerships: Collaborate with key players in the ecosystem to drive the adoption of open banking solutions.

Vision for the Future

“This funding marks a pivotal moment for the MENA fintech landscape,” says Hisham Al-Falih, CEO and Co-Founder of Lean Technologies. “We are excited to leverage this investment to further empower businesses and drive financial inclusion across the region.”

The Future of Fintech in MENA

Lean Technologies, with its innovative approach and strong leadership, is poised to play a pivotal role in shaping the future of fintech in the MENA region. As open banking continues to gain momentum, Lean is well-positioned to capitalize on this growth and solidify its position as a leader in the market.