Saudi Arabia-based Lean has reportedly raised $4.5m in a seed funding round, which was led by RAED Venture.
Capital was also supplied by Shorooq Partners, Outliers VC, Global Founders Capital and Global Ventures, according to a report from Wamda. Several unnamed angel investors also joined the round.
Plans for the capital are to hire more talent and to expand into the UAE, Kuwait and Egypt, the article said. Lean is also in the process of integrating with several banks in Saudi Arabia and Bahrain.
Lean, which was founded in 2019, helps businesses to create and launch their own financial products. Financial institutions can leverage lean to easily connect with FinTech services, with it prioritising security, performance and usability.
The FinTech is designed with giving consumers the control of their own data. Its product enables the consumer to share their financial data with FinTech apps, without compromising privacy and ensuring the remain in control of that information.
Use cases of lean include personal finance management, lending and business finance.
Fellow Saudi Arabia-based FinTech platform HyperPay also closed a funding round this year, pulling in an eight-digit sum. The capital was raised to deepen its presence in Saudi Arabia and expand into Egypt and the Gulf Cooperation Council (GCC).
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