Lean Technologies, a Riyadh-based fintech infrastructure platform, announced it had raised $67.5 million in Series B funding led by General Catalyst. Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, Arbor Ventures, and JIMCO also participated in the round. This brings Lean’s total funding to over $100 million.
To enable the next generation of financial innovation in MENA, Lean Technologies offers businesses secure access to critical financial infrastructure, allowing them to embed more personalized financial services into their platforms. And the company believes in making financial data and payments more accessible, transparent, and beneficial for consumers and businesses, fostering a more inclusive and connected financial ecosystem.
In the past three years, Lean’s impact has been evident. Regulated by ADGM in the UAE, Lean transformed business payment journeys through its A2A payment solutions, simplifying pay-ins and payouts for major clients such as e&, DAMAC, and Careem, with over $2 billion in total processed volumes.
And in Saudi Arabia, Lean’s launch of its data solutions under the Saudi Central Bank’s regulatory sandbox has impacted clients across various industries, including insurance, lending, and marketplaces, verifying nearly 1 million bank accounts. Clients like Tawuniya, Abdul Latif Jameel Finance, Salla, Tabby, and Tamara have leveraged these services to unlock new use cases, further establishing Lean as the key player in enabling the region’s financial ecosystem.
With this funding round, Lean is positioned to scale its Pay-by-Bank and Open Banking offerings, further enhancing operational efficiencies for businesses across the region. And 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.
KEY QUOTES:
“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 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. 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.”
– Hisham Al-Falih, CEO and Co-Founder of Lean Technologies
“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.”
– Neeraj Arora, Managing Director at General Catalyst
