Saudi Arabia-based fintech platform, Lean Technologies has secured $33 million in its latest funding round led by the venture capital firm, Sequoia Capital India.
Lean, which enables companies to access bank data and make payments, will utilize the funding to support the company’s plans to expand its operations into new markets. It currently has offices in Riyadh, Abu Dhabi, Dubai, Cairo and London.
Besides Sequoia Capital India, the funding also included the participation from existing investors Raed Ventures, Outliers, Shorooq and Jimco. New investors Liberty City Ventures and Human Capital, and notable angels including Mr. Henrique Dubugras, founder of San Francisco-based financial services and technology company Brex, Mr. Jeff Immelt, former chief executive of GE and American investor Mr. Michael Ovitz also took part in the round.
“We started Lean with the aim of enabling the next generation of financial innovation in the Middle East, a mission deep-rooted in the hearts of our entire team. Lean is unleashing a new wave of cutting-edge financial solutions that will catalyze the lives of everyday people and businesses.”
Founded in 2019 by Mr. Al-Falih, Mr. Aditya Sarkar, and Mr. Ashu Gupta, Lean’s platform allows its clients to integrate with their customer’s bank accounts to retrieve pertinent account information or initiate instant bank transfers.
With its flagship data and payments application programming interface (API), Lean has gained dozens of the region’s leading financial players as clients, connected to tens of thousands of customer accounts and processed hundreds of millions of dollars in transactions.
“Lean is leading a financial revolution with their open banking platform and helping redefine financial services and products across the region. They are a visionary team, in the early innings of a very aspirational journey, and we look forward to the road ahead,” Mr. Amit Jain, Managing Director of Sequoia Capital India, remarked.
Lean’s API has unlocked many new use cases and is being used by some of the region’s major financial institutions in various verticals, including those in remittance, cryptocurrency and investment, the company said.