RIYADH: Saudi financial technology startup Lean Technologies has raised $33 million in its series A funding round led by Sequoia Capital India.
The startup provides a platform that allows its clients to integrate with their customer's bank accounts to retrieve relevant information or initiate bank transfers.
The proprietary technology is used by a number of financial players in the region, across different verticals including remittances, cryptocurrency, and investment, the company said in a statement.
“We started Lean with the aim of enabling the next generation of financial innovation in the Middle East, a mission deep-rooted in the hearts of our entire team,” Hisham Al-Falih, co-founder and CEO of Lean, said.
The investment happens in the background of a burgeoning regional financial ecosystem, characterized by fintech sandboxes and forward-thinking regulations.
Lean aims to be the first Saudi aggregator to “enable the booming sector within the Kingdom,” which it ties back to the ambitious 2030 vision that includes financial objectives.
