Lean Technologies, a leading fintech infrastructure provider based in Riyadh, has raised $67.5 million in a Series B funding round led by General Catalyst, marking the firm’s first-ever investment in a Saudi startup. The round saw additional participation from notable investors including Bain Capital Ventures, Duquesne Family Office, and Arbor Ventures, bringing Lean’s total funding to over $100 million.
Founded in 2019 by Hisham Al-Falih, Aditya Sarkar, and Ashu Gupta, Lean Technologies specialises in providing data and payment APIs that enable businesses to develop financial products for their customers across the UAE and Saudi Arabia. The company is regulated by the Abu Dhabi Global Market (ADGM) in the UAE and operates within Saudi Arabia under the Central Bank’s regulatory sandbox.
Since its inception, Lean has processed over $2 billion in payment volumes through its account-to-account (A2A) payment solutions, serving major regional clients including e&, DAMAC, and Careem. In Saudi Arabia, the company has verified nearly 1 million bank accounts, working with prominent names such as Tawuniya, Abdul Latif Jameel Finance, Salla, Tabby, and Tamara.
Lean’s growth aligns with the Saudi Central Bank’s (SAMA) recent efforts to enhance the region’s fintech ecosystem. In September, SAMA unveiled its second Open Banking Framework, focused on Payment Initiation Services, enabling providers like Lean to facilitate direct payments from customers’ bank accounts. This framework introduces new use cases and alternatives to traditional card payments, positioning Lean as a key player in driving innovation.
Hisham Al-Falih, CEO and Co-Founder of Lean Technologies, described the funding as a transformative milestone for both the company and the Middle East’s fintech sector:
“This funding marks a pivotal moment not only for Lean but for the entire fintech landscape in the Middle East. Fintech is evolving from a specialized 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.”
He added that the investment would enable Lean to expand its product offerings and continue supporting businesses of all sizes with secure and impactful financial solutions.
Neeraj Arora, Managing Director at General Catalyst, shared his confidence in Lean’s potential:
“We are excited to partner with Lean, a pioneer in Open Banking in the MENA region. Over the last five 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 region’s growth by building the fintech infrastructure layer for local businesses.”
With the new funding, Lean aims to scale its Pay-by-Bank and Open Banking services, expand its product suite, and strengthen partnerships across the MENA region. The company’s ability to innovate and meet the dynamic needs of local merchants has established it as a leader in the burgeoning fintech ecosystem.
Lean faces competition from Tarabut Gateway, a prominent Open Banking platform in the region, which has raised over $50 million in funding, including a $32 million Series A last year. However, with robust backing and an expanding client base, Lean is well-positioned to lead the fintech infrastructure revolution in the Middle East.
This landmark funding round underscores the growing investor confidence in Saudi Arabia’s fintech ecosystem and highlights the transformative potential of Open Banking in the region.