Saudi fintech Lean Technologies secures $67.5m Series B funding
Lean Technologies, a Saudi Arabian fintech infrastructure platform, has bagged $67.5 million in a Series B funding round spearheaded by US-based VC firm General Catalyst.
Lean Technologies raises $67.5 million Series B
The round also saw additional support from Arbor Ventures, Bain Capital Ventures, and Stanley Druckenmiller’s Duquesne Family Office, among others.
Founded in 2019, Lean’s infrastructures enables businesses to embed financial services, including payment and data solutions, into their own platforms. The start-up reports processing over $2 billion in total transaction volume.
According to its website, Lean is preparing to launch solutions for invoicing, account top-ups and deposits, and e-commerce payments.
The fintech plans to use its Series B to expand its Pay-by-Bank and open banking solutions, while also aiming to “strengthen partnerships” and grow its workforce.
The new funds build on Lean’s $33 million Series A led by Sequoia Capital India in 2022, following a $3.5 million seed round raised four years ago.
The Saudi fintech scene has been active this month, with Ziraat Bank KSA upgrading its core banking system from Temenos T24 R17 to R24, and Saudi Awwal Bank (SAB) partnering with Singapore’s PayerMax to enhance business payment solutions.
