Lean FinTech Raises $33 Million in Funding Led by Sequoia Capital

• Collected Lean Technologies Headquartered in Saudi Arabia, $33 million in a Series 1 round led by Sequoia Capital, marking the first US venture capital investment in the GCC.
• Other investors on the round include Raed Ventures, Outliers, Shorouk and Jimco. Among the new investors, the company Liberty City Ventures And Human Capital , والملائكة Henrique Dubugras , founder of the company Brex San Francisco-based financial services and technology firm. Jeff Immelt, former CEO of General Electric; American investor Michael Ovitz.
• Founded in 2019 by Hisham Al Faleh, Ashu Gupta and Aditya Sarkar, Lean It is an open banking platform that enables businesses to access banking data and make payments.
• Lynn, which has offices in Riyadh, Abu Dhabi, Dubai, Cairo and London, will use the investment to grow its team and support its expansion plans in the Middle East.

Press release:

Lin Fintech announced the closing of its first investment round of $33 million led by Venture Capital and )RAED Ventures( The famous Sequoia Capital India, with the participation of a number of existing investors such as the Raed Ventures Fund, in addition to the addition of new investors,) JIMCO ( and Jimco )Shorooq Partners( And Shorouk Partners )Outliers( Outliers and angel investors like Henrique Debugrass,)Liberty City Ventures( On this tour are Liberty City Ventures and former General Electric CEO Jeff Immelt, as well as Michael Ovitz, founder of BRICS.

Lean will allow fintech companies and developers in the financial sector to securely access customer bank accounts, make data and payments in February 2021, and since then )APIs( payments. Lin launched an API that gained the trust of many of the region’s financial industry leaders, enabling them to access tens of thousands of customer accounts, and helping them process hundreds of millions of dollars in financial transactions..

Despite the recent experience of fintech in the region, the fintech community is growing at an accelerating pace in response to the growing need for alternative financial services. Its growth reached 163% on an annual basis and 70% from the fourth quarter of 2020, in addition to the volume of incoming international investment and various government initiatives to support the growth of the financial technology sector, such as environmental funds, which enhance the centralization and future of financial technology in the region as a whole.. ،)Regulatory Sandboxes( With the recent announcement by the Central Bank of Saudi Arabia of an open banking policy, Lean FinTech stands out as the first Saudi company within the Kingdom that enables the financial technology sector to achieve the ambitious goals of Vision 2030 in light of the unprecedented economic and digital transformation in the Kingdom..

In this context, Hisham Al-Falih, CEO of Lean and one of its founders, said: “At Lean, we seek to enable the next generation of financial innovation in the Middle East, a mission that everyone working in the company is aware of and represented. Therefore, we sought to create advanced financial solutions that enhance The lives of individuals and startups.

This is what prompted us to partner with investors who believe in our mission and vision to become a reality we touch and live, so we sought to partner with Amit and the Sequoia Capital team, one of the most famous venture capital companies in the world, and we are excited at Lin to take the first step in this journey to a future governed by great ambitions.“.

Amit Jain, General Manager of Sequoia India said: “We at Sequoia Capital India are delighted to partner with Hisham, Aditya, Ashu, Mehdi and Team Lynn. Customers in the Middle East and North Africa region, we believe that Lean is leading a financial revolution through its open banking platform, which will help redefine financial services and products across the region, and we are confident that the journey with the ambition and depth of the Lean team’s vision is on the path of development and growth We look forward to sharing them in the future.”