# Lean Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/lean-technologies

- Industry: Internet
- Headquarters: Riyadh, Saudi Arabia
- Website: www.leantech.me/
- Total disclosed funding: $104M
- Latest round: Series B (Nov 11, 2024)
- Investors on record: 14

## About

Lean Technologies, Ltd. is a Saudi Arabia-based company specializing in open banking solutions for banks and fintechs, enhancing financial services through streamlined data access and payment operations.Lean Technologies, Ltd. was founded in 2019 in Riyadh, Saudi Arabia, focusing on providing open banking platforms. The company does not have any reported changes in its business model or structure since inception. Co-founders include Aditya Sarkar and Ashu Gupta, with Hisham Al-Falih serving as CEO. As of November 2024, Lean Technologies has successfully raised USD 67.5 mn in a Series B funding round led by General Catalyst Partners, with participation from Arbor Ventures, Bain Capital Ventures, Duquesne Family Office, and Jameel Investment Management Company, bringing the total amount raised to USD 67.5 mn across 3 deals.Lean Technologies specializes in providing an open banking platform tailored for banks and fintechs operating within the MENA region. Their core product offerings include data aggregation, integrated payments, and payment operations that enable clients to access customer account details, live balances, and transaction histories presented in a standardized format. This functionality is pivotal for businesses looking to automate the verification of customer identities and enrich financial data with insights such as transaction categorization and income verification. Lean’s services are specifically designed to enhance the customer experience by facilitating seamless payments, optimizing funding processes, and streamlining loan disbursements. The company actively serves a diverse client base that includes over 180 institutions and more than 500,000 end-users across the UAE and Saudi Arabia, with a focus on catering to the unique financial needs of the MENA market.Lean Technologies generates revenue primarily through partnerships with financial institutions and fintechs, who utilize their APIs to enhance their banking capabilities. Clients can engage Lean’s services through various models, including B2B arrangements where companies integrate Lean’s payment solutions into their platforms or by leveraging their identity verification services that streamline customer onboarding processes. Lean’s flagship products, such as the LinkSDK for account connection flows and Hyperlink, a low-code option for quick integration, represent significant value propositions for both developer and business clients. The transactions between Lean and its clients typically involve fee structures based on API usage, transaction volumes, or subscription models, providing flexibility depending on the scale and needs of the user. Lean’s regulatory compliance in the UAE and Saudi Arabia further establishes their credibility, enhancing their attractiveness in the competitive fintech landscape.In November 2024, Lean Technologies, Ltd. raised USD 67.5 mn in Series B funding, led by General Catalyst Partners and with participation from Jameel Investment Management Company, Bain Capital Ventures, Duquesne Family Office, and Arbor Ventures. The company plans to utilize this funding to expand its Open Banking and Pay-by-Bank services and broaden its range of products. Specific future initiatives are focused on creating new offerings aimed at improving customer engagement and financial insights. Additionally, Lean looks to penetrate new markets within the MENA region, targeting a broader geographic footprint by mid-2025.

## Funding rounds

- Series B, Nov 11, 2024, $68M — General Catalyst Partners, Duquesne Family Office, Arbor Ventures, Jameel Investment Management Company, Bain Capital Ventures
- Series A, Jan 20, 2022, $33M — Hong Shan, Liberty City Ventures, Shorooq Partners, RAED Ventures, Human Capital, Outliers Venture Capital, JIMCO GTF, Jameel Investment Management Company
- Seed, Jul 8, 2020, $3.5M — Global Founders Capital, Shorooq Partners, RAED Ventures, Global Ventures, Outliers Venture Capital, Jameel Investment Management Company

## Investors

- Global Founders Capital (https://capitalatlas.ai/funds/global-founders-capital) — Seed
- Shorooq Partners (https://capitalatlas.ai/funds/shorooq-partners) — Seed, Series A
- RAED Ventures (https://capitalatlas.ai/funds/raed-ventures) — Seed, Series A
- Global Ventures (https://capitalatlas.ai/funds/global-ventures) — Seed
- Outliers Venture Capital (https://capitalatlas.ai/funds/outliers-venture-capital) — Seed, Series A
- Jameel Investment Management Company (https://capitalatlas.ai/funds/jameel-investment-management-company) — Seed, Series A, Series B
- Hong Shan — Series A
- Liberty City Ventures (https://capitalatlas.ai/funds/liberty-city-ventures) — Series A
- Human Capital (https://capitalatlas.ai/funds/human-capital) — Series A
- JIMCO GTF — Series A
- General Catalyst Partners (https://capitalatlas.ai/funds/general-catalyst-partners) — Series B
- Duquesne Family Office — Series B
- Arbor Ventures (https://capitalatlas.ai/funds/arbor-ventures) — Series B
- Bain Capital Ventures — Series B