Saudi Fintech Lean Technologies Raises $33 Million Series A Round

Lean Technologies, a KSA-based FinTech startup, has raised $33 million in a Series A round led by Sequoia Capital India.

Since its launch in September 2019, Lean gives clients the ability to seamlessly integrate with their customer's bank accounts through its platform and APIs. Lean APIs have been used by many of the region's leading financial institutions to retrieve information from their client's accounts or perform instant bank transfers.

“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," Hisham Al-Falih, CEO & Co-Founder at Lean, says. "We have therefore sought to break down the barriers to entry to the region’s fintech ecosystem, unleashing a new wave of cutting edge financial solutions that will catalyze the lives of everyday people and businesses."

With offices in Riyadh, Abu Dhabi, Dubai, Cairo and London, Lean plans to use its new funds to expand its team and spread further across the region. With the announcement of Open Banking by the Saudi Central Bank, Lean hopes to become the first Saudi aggregator to further enable the burgeoning fintech scene in Saudi Arabia.