"We Got Funded!" KSA-Based Lean Technologies' US$67.5 Million Series B Round Marks Silicon Valley-based General Catalyst's Debut Investment in the Kingdom "By expanding access to financial data and offering seamless payment solutions, we're fostering a more inclusive financial landscape across the region."

Lean Technologies (Lean), a Saudi Arabia-based fintech infrastructure platform has raised US$67.5 million in a Series B round led by General Catalyst, a Silicon Valley-based global venture capital (VC) firm. The round also saw the participation of Bain Capital Ventures, a US-based global VC company; Duquesne Family Office, a US-based hedge fund managed by renowned American investor Stanley Druckenmiller; and Arbor Ventures, a UK-based global VC firm that invests in fintech startups.

With this round -which marks the first Saudi investments for all the three US-based investors- Lean has so far amassed a total of $100 million in funding.

Launched in 2019 by Hisham Al-Falih, Ashu Gupta, Aditya Sarkar, and Mehdi Tazi, Lean essentially operates as an open banking platform for banks and other financial and fintech entities in the MENA region, with a strong focus on Saudi Arabia and the UAE. "Back in 2019, we noticed that the fintech landscape in the Middle East was still in its nascent stages, and this posed a significant challenge for financial innovation in the region," recalls Al-Falih, who is also the CEO. "We saw this not just as a problem but as an opportunity to make a meaningful impact. Our vision was to build a company that could serve as a catalyst for financial innovation, helping it flourish so that consumers and small and medium enterprises (SMEs) could gain better access to the tools and services they needed. We believed that by doing so, we could empower individuals and businesses to build more resilient and successful financial lives."

To turn this vision into reality -and thus make financial data and payments more accessible, transparent, and beneficial for consumers and businesses alike- the startup offers a universal application programming interface (API) that enables businesses to gain safe and secure access to their customers' bank account details, live balances and transaction history. What this essentially enables is a gateway for businesses to receive vital customer data in a standardized format, regardless of the bank the end-customer uses- a move that, as the Lean team puts it, helps "create a more inclusive and connected financial ecosystem." "With the completion of our Series B funding, we're now better equipped to accelerate this mission!" declares Al-Falih. "The new capital enables us to invest more heavily in developing our technology platform, expanding our product offerings, and entering new markets. Specifically, we'll be enhancing our APIs to support a broader range of financial services and forging stronger partnerships with financial institutions. This funding brings us one step closer to realizing our goal of democratizing access to financial services and fostering a more inclusive and dynamic financial ecosystem across the Middle East."

Source: Lean Technologies

Indeed, the startup already has two new features that are expected to go live soon. The first is an integrated payments tool that enables seamless customer-to-business (C2B) and customer-to-customer (C2C) payments from connected retail bank accounts. The second anticipated feature is a payment operations option that offers customers with almost real-time payouts, as well as a simple dashboard for customers to reconcile payments coming in via Lean to their bank accounts. And according to Al-Falih, the fresh funds will be allocated primarily towards finetuning its products, and thereby further cementing its position in markets it currently operates in- i.e. Saudi Arabia and the UAE. "Instead of focusing on market expansion at this stage, we're dedicating resources to deepen our impact within these key regions," he adds. "We're investing in the development of cutting-edge products designed to unlock critical use cases for some of the largest businesses across a variety of industries. This means enhancing our existing infrastructure and expanding into new types that align closely with the evolving needs of our clients."

Now, notably, Lean's services have already been utilized by quite a few name brands in the region. In the UAE, regulated by the Abu Dhabi Global Markets, the startup has seen its account-to-account (A2A) payment solution -a tool that simplifies pay-ins and payouts by transferring funds directly between two bank accounts- for clients like e&, DAMAC, and Careem, with over $2 billion in total processed volumes. In Saudi Arabia, a launch of its data solutions under the Saudi Central Bank's regulatory sandbox helped verify nearly one million bank accounts. The startup's offerings have also been used to create new use cases by the likes of Tabby, Tamara, and Salla.

Here, however, Al-Falih quickly raises a topic that sometimes goes unaddressed: the role of human talent in building core technology. "While a significant portion of the investment will go toward enriching our technology stack and fortifying partnerships with banks and financial institutions, we also recognize that achieving these objectives hinges on the strength of our team," Al-Falih says. "So we're also investing heavily in human capital. By bringing on board talented individuals who share our vision, we're ensuring that we continue to innovate and provide exceptional value to our clients. This strategic allocation of funds positions us to better serve our current markets and paves the way for future growth."

Hisham Al-Falih is the co-founder and CEO of Lean Technologies. Source: Lean Technologies

Al-Falih's eager acknowledgment of his team is, in some ways, a segue to the booming and saturated regional fintech industry. Expected to grow at a mighty 9.71% compound annual growth rate, the $1.51 billion MENA fintech market is expected to reach $2.4 billion by 2029, as per a report by Mordor Intelligence. The same study also shows that by 2025, the number of fintech startups in the region will surpass 250. With the UAE and Saudi Arabia at the forefront of this fintech revolution, Al-Falih notes that Lean's main differentiating factor has been a culmination of the team itself, a focus on the clients it serves, as well as a deep understanding of the region it operates in. Our approach is driven by an obsession with our customers.

"Our approach is driven by an obsession with our customers," he says. "We're guided by what our clients and the market need, so everything we build has a purpose and impact that goes beyond functionality—it's about creating solutions that make a difference. We also know our market. Our understanding of MENA's unique financial landscape, regulatory frameworks, and cultural dynamics enables us to create solutions tailored to this market and its evolving ecosystem. Finally, our team is made up of experts who have previously worked at some of the world's leading fintech companies, like Plaid, GoCardless, and TrueLayer. This experience allows us to build products that aren't just secure and efficient—they're truly best-in-class."

As Al-Falih and his team now gear up for a promising 2025, the CEO and co-founder reiterates that enabling financial inclusion will continue to be a major driving force for Lean. "This has been a core focus for Lean since day one- we believe that access to secure, efficient financial services should be universal, benefiting businesses and consumers alike," he says. "In the Middle East's fast-growing fintech landscape, there's a unique opportunity to bridge accessibility gaps and create tools that empower SMEs, enterprises, and individuals to participate fully in the financial ecosystem. By expanding access to financial data and offering seamless payment solutions, we're fostering a more inclusive financial landscape across the region. This ripple effect goes beyond individual businesses; it drives regional economic growth, encourages innovation, and supports a connected ecosystem where financial services are accessible and impactful for all parties involved."

Source: Lean Technologies

'TREP TALK: Lean Technologies' co-founder and CEO Hisham Al-Falih shares his tips for fintech entrepreneurs in the region

Know your market inside-out "In this region, every market has its nuances, from regulatory expectations to customer needs. Get a deep understanding of the landscape you're operating in; investors want to see that you're not just solving problems in fintech, but the right problems for this market."

Focus on building something that's indispensable "Don't just create a good product; make sure it's one that businesses can't imagine working without. Solve real challenges in a way that creates lasting value, and you'll attract investors who see that value too."

Keep a strong network and align with key players "In the region's fintech space, your relationships with banks, regulators, and local stakeholders matter. Build and nurture those partnerships, they'll strengthen your credibility and show investors you have the right foundation to grow."

Be resilient and adaptable "The fintech landscape is dynamic, and what worked yesterday might not work tomorrow. Stay close to your customers, stay agile, and be ready to evolve with the market. Investors back teams that show they can weather change and still deliver."