General Catalyst leads $67.5M Series B round in Saudi fintech Lean Technologies
Summary
With this, General Catalyst marks its first investment in a Saudi startup, with additional participation from Bain Capital Ventures, Stanley Druckenmillers Duquesne Family Office, and other investors in the round.It plans to invest in new funding to strengthen its position as a leading fintech infrastructure provider in the MENA region. It also aims to expand its presence in India by recruiting senior-level talent to bolster its engineering, operations, and product teams.As part of its global expansion, Lean has set up a registered entity in India, with Co-founder and CTO Ashu Gupta serving as the director.With this latest round, Lean has now raised over $100 million in total funding.Lean Technologies was co-founded by Hisham Al-Falih, Aditya Sarkar, and Gupta in 2019. It enables businesses across the MENA region to access real-time bank account data and initiate instant, secure account-to-account payments through a robust API platform.By simplifying payment workflows and enabling personalised financial services, Lean empowers fintech companies and enterprises to deliver enhanced customer experiences while upholding stringent security and compliance standards, it noted.Regulated by ADGM in the UAE, the startup has processed over $2 billion in payments through its A2A solutions, serving clients like e&, DAMAC, and Careem, as reported by MenaBytes.Operating under Saudi Arabias Central Bank regulatory sandbox, it has verified nearly 1 million bank accounts, partnering with companies such as Tawuniya, Abdul Latif Jameel Finance, Salla, Tabby, and Tamara.