Saudi Arabia-based fintech company Lean recently announced that it has raised $33 million during a Series A funding round led by Sequoia Capital India and will use these funds to build infrastructure for fintech in the Middle East, according to media reports. Other investors like New York-based Liberty City Ventures and former General Electric CEO Jeff Immelt also participated in the round.
Lean technologies will also use these funds to hire more staff and expand across the region. Founded in 2019, Lean Technologies provides APIs so companies can build and launch financial products. Its APIs include digital accounting, robo advisory, personal finance, buy now pay later and P2P lending. Currently, the company has offices in Riyadh, Abu Dhabi, Dubai, Cairo and London.
This funding marks the second Saudi Arabia-based FinTech company to close an investment in 2022, with Dawul raising $5 million in a seed funding round, led by RAED Ventures.
The startup mentioned on their website, “We’re building the infrastructure for fintech in the Middle East. We believe that the strength of a developer is their creativity. We’re leaving it in their hands to dream up and execute ideas that can change the fintech landscape of the Middle East – we’re just here to provide the pipes.”
During the summer of 2020, the firm raised $3.5 million in a seed funding round led by RAED Ventures, Shorooq Partners, Outliers VC, Global Founders Capital, and Global Ventures. A number of angel investors also took part.