Saudi fintech Lean raises Normal Catalyst-led $67.5M Sequence B for its open banking platform 

Riyadh-based fintech infrastructure supplier Lean Applied sciences has secured $67.5 million in Sequence B funding led by Normal Catalyst, bringing its whole funding to over $100 million. It’s the first funding by Normal Catalyst in a Saudi startup. The spherical additionally included participation from Bain Capital Ventures, Duquesne Household Workplace, and Arbor Ventures.

Based in 2019 by Hisham Al-Falih, Aditya Sarkar, and Ashu Gupta, Lean supplies information and cost instruments by way of its monetary APIs to assist companies construct monetary merchandise for his or her clients in UAE & Saudi.

Regulated by ADGM within the UAE, the Saudi startup has processed over $2 billion in cost volumes by way of its account-to-account (A2A) cost options, serving main purchasers together with e&, DAMAC, and Careem.

In Saudi Arabia, the place it operates below the Central Financial institution’s regulatory sandbox, the corporate has verified almost 1 million financial institution accounts, working with purchasers resembling Tawuniya, Abdul Latif Jameel Finance, Salla, Tabby, and Tamara.

The Saudi Central Financial institution (SAMA) introduced in September the discharge of its second Open Banking Framework, specializing in Fee Initiation Providers. This framework will allow suppliers like Lean to permit their retailers to simply accept funds straight from clients’ financial institution accounts, unlock new use instances, and provide options to card funds.

Hisham Al-Falih, CEO and Co-Founding father of Lean Applied sciences mentioned: “This funding marks a pivotal second not just for Lean however for all the fintech panorama within the Center East. We’re witnessing fintech evolve from a specialised vertical into an important layer of the area’s
financial cloth, with Lean taking part in an important function in constructing infrastructure that permits seamless adoption throughout industries.”

“With this new funding, we’re energized to increase our options and proceed supporting companies of all sizes in delivering safe, impactful monetary providers that meet the wants of a dynamic area,” he added.

Neeraj Arora, Managing Director at Normal Catalyst, mentioned, “We’re excited to accomplice with Lean, a pioneer in Open Banking within the MENA area. During the last 5 years, Lean’s stellar staff, led by Hisham, has demonstrated deep dedication in direction of fixing distinctive native service provider wants, incomes super buyer loyalty.”

“We imagine Lean is well-positioned to change into a pivotal pressure in driving the expansion of the area by constructing the fintech infrastructure layer for native companies,” he added.

The brand new funding will probably be used to scale Lean’s Pay-by-Financial institution and Open Banking choices. The corporate plans to increase its product suite and strengthen partnerships throughout the area.

Lean’s main rival Tarabut Gateway has raised over $50 million in whole funding together with a $32 million Sequence A final 12 months.

Publish Views: 795