Lean Technologies raises $67.5 million in Series B funding

Lean plans to use the proceeds to scale its Pay-by-Bank and Open Banking offerings, enhancing operational efficiencies for businesses across the Middle East

Saudi Arabia-based fintech infrastructure platform Lean Technologies has raised $67.5 million in a Series B financing round.

The fundraise, led by Silicon Valley-based venture capital group General Catalyst, brings Lean’s total funding to more than $100 million.

Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, and Arbor Ventures also contributed to the latest funding round.

Lean plans to use the proceeds to scale its Pay-by-Bank and Open Banking offerings, enhancing operational efficiencies for businesses across the Middle East.

With plans to deepen partnerships, grow its team, and expand product offerings, Lean aims to solidify its status as the region’s “leading fintech infrastructure provider”.

Lean chief executive officer and co-founder Hisham Al-Falih said: This funding marks a pivotal moment not only for Lean but for the entire fintech landscape in the Middle East.

Our goal has always been to create a financial ecosystem that prioritises accessibility and inclusion, empowering consumers and SMEs (Small and Medium Enterprises) to access the tools they need for growth, he said.

With this new investment, we are 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, he said.

Lean offers businesses secure access to crucial financial infrastructure, allowing them to integrate personalised financial services into their platforms.

Regulated by ADGM in the UAE, Lean has simplified pay-ins and payouts for clients like e&, DAMAC, and Careem, processing over $2 billion in total volumes.

General Catalyst MD Neeraj Arora said: We are excited to partner with Lean, a pioneer in Open Banking in the MENA region. Over the past 5 years, Lean’s stellar team, led by Hisham, has demonstrated deep commitment towards solving unique local merchant needs, earning tremendous customer loyalty.