Riyadh-based fintech infrastructure platform Lean Technologies has raised $67.5 million in a Series B funding round led by Silicon Valley-based venture capital group General Catalyst, as it prepares to scale its Pay by Bank and Open Banking offerings.
Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, and Arbor Ventures also participated in the fundraising, bringing total investment in Lean to more than $100 million to date.
Following the Series B, Lean has plans to grow partnerships, add to its team, and expand its product offerings.
In the United Arab Emirates, where Lean is regulated by the Abu Dhabi Global Market or ADGM, its account-to-account payment solutions have simplified pay-ins and payouts for clients, including e&, DAMAC, and Careem, with more than $2 billion in total processed volumes.
In Saudi Arabia, Lean’s data solutions, launched under the Saudi Central Bank’s regulatory sandbox, have impacted clients in industries such as insurance, lending and marketplaces, verifying close to one million bank accounts.
Hisham Al-Falih, co-founder and chief executive officer of Lean Technologies, called the funding round “a pivotal moment”, not only for Lean but for the entire fintech landscape in the Middle East.
“We’re witnessing fintech evolve from a specialized 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,” said Al-Falih.
“Our goal has always been to create a financial ecosystem that prioritizes accessibility and inclusion, empowering consumers and SMEs to access the tools they need for growth. With this new investment, we’re energized 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, added: “We are excited to partner with Lean, a pioneer in Open Banking in the MENA region. Over the last five 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.”
