Lean Technologies Funding, Investors & Competitors

Lean Technologies has raised $104M across 3 funding rounds, most recently a $68M Series B in November 2024.

Last Lean Technologies funding round

$68M

Series B · Nov 2024

Cumulative funding Lean Technologies raised

$104M

across 3 funding rounds

Key investors in Lean Technologies

  • Shorooq Partners
  • Raed Ventures
  • Outliers Venture Capital
  • Jameel Investment Management Company
  • General Catalyst
  • Peak XV Partners
  • Global Founders Capital
  • Bain Capital Ventures

Lean Technologies Overview

About Lean Technologies

Lean Technologies is a Dubai-based FinTech company offering an API suite for accessing consumer financial data and initiating bank transfers. It simplifies integration across fragmented banking infrastructures in the Middle East for businesses building financial services.


Founded

2019

HQ

Saudi ArabiaRiyadh

Status

Privately held

Customer focus

B2B

Revenue model

Usage-based, Subscription

Lean Technologies Funding History

Lean Technologies has raised a total of $104M across 3 funding rounds.

Lean Technologies' first fundraising round was a $4M seed round in July 2020. The most recent completed round was a $68M Series B in November 2024.

Lean Technologies funding rounds

Lean Technologies funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2024Series BGeneral Catalyst (lead); Jameel Investment Management Company; Arbor Ventures; Duquesne Family Office; Bain Capital Ventures$68MLean Technologies is a Riyadh-based fintech infrastructure platform founded in 2019 that provides APIs enabling businesses to embed financial services such as payment and data solutions, including Pay-by-Bank and Open Banking offerings, into their platforms. It operates under Saudi Arabia's Central Bank regulatory sandbox, verifying nearly 1 million bank accounts for clients like Tawuniya, Abdul Latif Jameel Finance, Salla, Tabby, and Tamara. The company processes over $2 billion in total transaction volume and is preparing solutions for invoicing, account top-ups, deposits, and e-commerce payments. On November 11, 2024, Lean Technologies raised $67.5 million in a Series B funding round led by General Catalyst, with participation from Bain Capital Ventures, Duquesne Family Office, Arbor Ventures, Jameel Investment Management Company (JIMCO), and others, bringing total funding to over $100 million. This follows a $33 million Series A in 2022 led by Sequoia Capital India and a $3.5 million seed round. JIMCO had previously invested in Pre-Series A and Series A rounds. The funds will scale Pay-by-Bank and Open Banking solutions, expand product suites, strengthen partnerships, grow the team, and support businesses across the MENA region amid developments like Saudi Central Bank's second Open Banking Framework for Payment Initiation Services. CEO Hisham Al-Falih emphasized building essential fintech infrastructure, while General Catalyst's Neeraj Arora highlighted Lean's customer loyalty and potential as a regional fintech infrastructure leader.
Jan 2022Series APeak XV Partners (lead); Jameel Investment Management Company; Shorooq Partners; Faisal Al-Rajhi; Liberty City Ventures; Michael Ovitz; Jeff Immelt; Human Capital; Outliers Venture Capital; Breyer Labs; Raed Ventures; Henrique Dubugras$33M-
Jul 2020SeedOutliers Venture Capital (lead); Raed Ventures (lead); Shorooq Partners (lead); Jabbar Internet Group; Global Founders Capital; Ballistic Ventures; Global Ventures$4MLean Technologies is a Riyadh-based fintech platform that builds developer-friendly APIs to enable secure access to customer financial data and payment initiation for fintech companies and financial institutions. The company provides a B2B open finance platform integrating with banks in Saudi Arabia and Bahrain to support open banking compliance. Founded in 2019 by Hisham Al-Falih, Aditya Sarkar, and Ashu Gupta, Lean raised $3.5 million in a seed funding round on July 8, 2020, led by RAED Ventures, with participation from Shorooq Partners, Outliers VC, Global Founders Capital, Global Ventures, and angels including Samih Toukan and Jake Seid. The funds were allocated to hiring global talent and expanding to UAE, Egypt, and Kuwait.

Who has invested in Lean Technologies?

20 investors have backed Lean Technologies across its funding rounds, including Shorooq Partners, Raed Ventures, Outliers Venture Capital, Jameel Investment Management Company, General Catalyst and Peak XV Partners.

Lead investors include General Catalyst, Peak XV Partners, Outliers Venture Capital, Raed Ventures and Shorooq Partners.


Lean Technologies Investors

Investors in Lean Technologies by funding rounds participated
InvestorHQRoundsRoleFirst check
Jameel Investment Management CompanyJerseySt. Helier2ParticipantJan 2022
Shorooq PartnersUAEAbu Dhabi2LeadJul 2020
Outliers Venture CapitalUnited StatesSan Francisco, CA2LeadJul 2020
Raed VenturesSaudi ArabiaRiyadh2LeadJul 2020
General CatalystUnited StatesSan Francisco, CA1LeadNov 2024
Jabbar Internet GroupUAEDubai1ParticipantJul 2020
Arbor VenturesSingaporeSingapore1ParticipantNov 2024
Faisal Al-RajhiSaudi ArabiaRiyadh1ParticipantJan 2022
Liberty City VenturesUnited StatesNew York City, NY1ParticipantJan 2022
Michael OvitzUnited StatesLos Angeles, CA1ParticipantJan 2022
Duquesne Family OfficeUnited StatesPittsburgh, PA1ParticipantNov 2024
Jeff ImmeltUnited StatesBoston, MA1ParticipantJan 2022
Global Founders CapitalGermanyBerlin1ParticipantJul 2020

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Lean Technologies Competitors

Lean Technologies competitors include listed companies like S&P Global, Moody's, HiThink and Broadridge, and private ones like Modern Treasury and Ant Group.

Public and private companies comparable to Lean Technologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
S&P GlobalUnited StatesUnited StatesPublicly listed$15B$7.7B$119B9.1x
Moody'sUnited StatesUnited StatesPublicly listed$7.7B$3.8B$80B10.6x
HiThinkChinaChinaPublicly listed$899M$530M$23B18.9x
BroadridgeUnited StatesUnited StatesPublicly listed$7.5B$1.9B$19B2.9x
Modern TreasuryUnited StatesSan Francisco, CAPrivate$9M-$2.2B-
Ant GroupChinaHangzhouPrivate$25B-$79B3.2x

Lean Technologies Public Comps

Lean Technologies is still privately-owned, but its public comps include Visa, Mastercard, American Express, S&P Global, Intercontinental Exchange, Moody's, London Stock Exchange Group, Nasdaq, PayPal and Thomson Reuters.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Visa$40B$26B17.6x15.4x27.1x22.0x
Mastercard$33B$20B15.5x14.1x24.9x22.3x
American Express$72B-3.1x2.9x--
S&P Global$15B$7.7B8.9x9.1x17.6x17.3x
Intercontinental Exchange$13B$6.6B8.2x9.7x15.8x14.4x
Moody's$7.7B$3.8B11.2x10.6x22.5x20.1x
London Stock Exchange Group$13B$5.9B5.5x5.4x11.6x10.6x
Nasdaq$8.3B$3.1B7.0x10.0x18.6x16.9x

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Common questions about Lean Technologies

When was Lean Technologies founded?Lean Technologies was founded in 2019.
Where is Lean Technologies headquartered?Lean Technologies is headquartered in Riyadh, Saudi Arabia.
Is Lean Technologies publicly listed?No, Lean Technologies is a private, VC-backed company.
How much funding has Lean Technologies raised?Lean Technologies has raised $104M across 3 funding rounds.
What was Lean Technologies' last funding round?Lean Technologies' last funding round was a $68M Series B in November 2024, led by General Catalyst.
Who are Lean Technologies' investors?Lean Technologies' investors include Jameel Investment Management Company, Shorooq Partners, Outliers Venture Capital, Raed Ventures, General Catalyst, Jabbar Internet Group, Arbor Ventures, Faisal Al-Rajhi, Liberty City Ventures, Michael Ovitz and 10 others.
Which companies are comparable to Lean Technologies?Companies comparable to Lean Technologies include S&P Global, Moody's, HiThink, Broadridge, Modern Treasury and Ant Group.

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