Lean Technologies, a Riyadh-based FinTech infrastructure platform, has raised $67.5m in its latest Series B funding round.
This financing was led by General Catalyst, a prominent Silicon Valley venture capital firm known for supporting high-growth tech companies, according to Finextra.
The funding round also saw participation from several major investors, including Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, Arbor Ventures, and Saudi Venture Capital, among others.
With this new round, Lean Technologies has now raised over $100m in total funding to date.
The firm aims to drive financial innovation throughout the MENA region by providing secure access to essential financial infrastructure.
The company’s solutions enable businesses to embed personalised financial services within their platforms, ultimately making financial data and payment processing more accessible, transparent, and valuable for consumers and companies alike.
With the fresh capital, Lean Technologies plans to expand its range of Pay-by-Bank and Open Banking solutions. This will enhance its ability to support businesses across the Middle East, enabling Lean to streamline payment processes, develop strategic partnerships, grow its team of experts, and strengthen its role as a leading fintech infrastructure provider in the region.
Over the past three years, Lean has significantly impacted the financial sector in the MENA region. Regulated by ADGM in the UAE, Lean has facilitated payment processes for companies such as e&, DAMAC, and Careem, processing over $2bn in transactions.
In Saudi Arabia, the firm has introduced data solutions under the Saudi Central Bank’s regulatory sandbox, allowing clients in insurance, lending, and marketplaces to streamline operations and improve customer experiences.
Lean’s services have been embraced by notable clients, including Tawuniya, ALJUF, Salla, Tabby, and Tamara, making it a central player in the region’s financial ecosystem.
“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,” Lean Technologies CEO and Co-Founder Hisham Al-Falih said. “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 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, echoed this vision, stating, “We are excited to partner with Lean, a pioneer in Open Banking in the MENA region. Over the last 3 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.”
This funding round positions Lean Technologies to expand its Open Banking offerings and further solidify its presence across the Middle East, fostering growth and innovation in the region’s fintech ecosystem.
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