UAE’s Lean Technologies secures $33m in Series A round

Ellie Duncan
20 Jan 2022

Riyadh-based fintech Lean Technologies has raised $33 million in a Series A funding round led by Sequoia Capital India.

RAED Ventures, Outliers Venture Capital, Shorooq Partners, Jameel Investment Management Company, Liberty City Ventures and Human Capital also participated in the fundraising round.

Sequoia Capital India is a business entity of US-based venture capital firm Sequoia which has backed Latin American neobank Nubank and payments fintech Stripe.

In a post on LinkedIn, Lean Technologies said: “This is a monumental moment in Lean’s journey as we press forward with enabling the booming ecosystem of fintechs and traditional players through smart, simple APIs.

“Thank you for all of your ongoing support and love, we look forward to what the future holds for our beloved clients, partners, and the Middle Eastern fintech community of which we’re so proud to be a part of.”

Lean, which was founded in 2019, is a fintech platform that provides a universal API, enabling fintechs to connect to their customers’ bank accounts to initiate real-time payments and retrieve account information.

Lean has locations in Riyadh, London, Cairo and Abu Dhabi.

In January 2021, Saudi’s Central Bank, the Saudi Arabian Monetary Authority (SAMA) announced that it will go live with Open Banking in the first half of 2022.