General Catalyst, the Silicon Valley-based venture capital firm has made its first investment in Saudi Arabia. The company on Monday led a whopping $67.5 million Series-B round for the Riyadh-based fintech startup Lean Technologies. The round saw participation from Massachusetts-based BAIN Capital, and Stanley Druckenmiller’s Duquesne Family Office – marking the first investment in the Kingdom for both. Besides this, Singapore-based venture capital firm Arbor Ventures also participated in the round.
Founded in 2019 by Aditya Sarkar, Ashu Gupta, and Hisham Al-Falih, Lean Technologies provides businesses with financial tools to make financial data and payments more accessible.
With a whopping fund in hand, Lean Technologies is aiming to scale its Pay-by-Bank and Open Banking offerings, to ultimately enhance operational efficiencies for businesses across the region. Also, the company plans to deepen partnerships, grow its expert team, and expand its product offerings, Lean is set to solidify its role as the Middle East’s leading fintech infrastructure provider, driving long-term growth and innovation across the ecosystem.
In the UAE, Lean Technologies is regulated by ADGM where it has augmented the payment systems for businesses through its A2A payment solutions. The company’s client base in the UAE includes e&, DAMAC, and Careem among others, with over $2 billion processed volumes in total.
In Saudi Arabia, Lean Technologies offers data solutions that reside under Saudi Central Bank’s regulatory sandbox. In the kingdom, the company provides services across sectors including insurance, lending, and marketplaces – verifying nearly 1 million bank accounts. Among its clients in Saudi Arabia, Lean Technologies counts Tawuniya, Abdul Latif Jameel Finance, Salla, Tabby, and Tamara.
Speaking of the development, Hisham Al-Falih, CEO and Co-Founder of Lean Technologies in a press statement said,
“This funding marks a pivotal moment not only for Lean but for the entire fintech landscape in the Middle East. We’re witnessing fintech evolve 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. Our goal has always been to create a financial ecosystem that prioritizes accessibility and inclusion, empowering consumers and SMEs to access the tools they need for growth. With this new investment, we’re energized to expand our solutions and continue supporting businesses of all sizes in delivering secure, impactful financial services that meet the needs of a dynamic region.”
On the other hand, Neeraj Arora, Managing Director at General Catalyst, expressed his enthusiasm for the investment in Lean Technologies,
“We are excited to partner with Lean, a pioneer in Open Banking in the MENA region. Over the last 5 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 growth of the region by building the fintech infrastructure layer for local businesses.”
