Riyadh-based fintech infrastructure provider Lean Technologies has secured $67.5 million in Series B funding led by General Catalyst, bringing its total funding to over $100 million. It is the first investment by General Catalyst in a Saudi startup. The round also included participation from Bain Capital Ventures, Duquesne Family Office, and Arbor Ventures.

Founded in 2019 by Hisham Al-Falih, Aditya Sarkar, and Ashu Gupta, Lean provides data and payment tools through its financial APIs to help businesses build financial products for their customers in UAE & Saudi.

Regulated by ADGM in the UAE, the Saudi startup has processed over $2 billion in payment volumes through its account-to-account (A2A) payment solutions, serving major clients including e&, DAMAC, and Careem.

In Saudi Arabia, where it operates under the Central Bank’s regulatory sandbox, the company has verified nearly 1 million bank accounts, working with clients such as Tawuniya, Abdul Latif Jameel Finance, Salla, Tabby, and Tamara.

The Saudi Central Bank (SAMA) announced in September the release of its second Open Banking Framework, focusing on Payment Initiation Services. This framework will enable providers like Lean to allow their merchants to accept payments directly from customers’ bank accounts, unlock new use cases, and offer alternatives to card payments.

Hisham Al-Falih, CEO and Co-Founder of Lean Technologies 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.”

“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,” he added.

Neeraj Arora, Managing Director at General Catalyst, said, “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,” he added.

The new funding will be used to scale Lean’s Pay-by-Bank and Open Banking offerings. The company plans to expand its product suite and strengthen partnerships across the region.

Lean’s leading rival Tarabut Gateway has raised over $50 million in total funding including a $32 million Series A last year.