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Homegrown software developer and fintech infrastructure provider Lean Technologies has locked in USD 67.5 mn in a series B funding round led by Silicon Valley’s General Catalyst, according to a press release. The round also saw participation from Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, and Arbor Ventures, among others. The capital injection brings the Riyadh-based startup’s total funding to date to over USD 100 mn, the release read.
This marks General Catalyst’s first venture into Saudi, CNBC reports. The VC has some USD 30 bn worth of assets under management and is backed by heavyweight tech companies including Snap, Stride, and AirBnb.
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Lean will use the funds to scale its pay-by-bank and open banking solutions, aiming to streamline operations for regional businesses. The company also plans to deepen its partnerships, expand the team, and broaden its product offerings.
SOUND SMART- Open banking is a system that allows consumers to securely share their banking data with third-party providers, enabling financial services like account-to-account (A2A) payments and pay-by-bank options. A2A payments let users transfer money directly from one bank account to another without needing an intermediary like credit or debit cards. A popular use case for pay-by-bank is A2A channels where consumers pay merchants directly from their bank accounts, bypassing card networks like Visa and Mastercard entirely. This approach can be more secure, reducing processing fees, and simplifying the payment experience for businesses and customers alike.
About Lean: Founded in 2019 by Hisham Al Falih (Linkedin), Aditya Sarkar (Linkedin), and Ashu Gupta (Linkedin), Lean provides financial infrastructure through Application Programming Infrastructures (APIs) that allow businesses in Saudi Arabia and the UAE to access customer bank data and enable direct bank payments. The company has verified nearly 1 mn bank accounts over the past five years, and has processed A2A payment volumes of over USD 2 bn from its operations in the UAE. Its clientele includes Damac, Careem, Tabby and Tamara, among others, with plans to expand into other key MENA markets by 2028.
