Sequoia makes Middle East debut with $33 million investment in Saudi fintech
DUBAI, United Arab Emirates — Saudi fintech start-up Lean Technologies has won a $33 million Series A round funding injection from Sequoia Capital India, marking the firm's first foray into investing in the Arab Gulf region.
Riyadh and London-based Lean Technologies launched its platform in 2019, enabling third-party financial services providers to access their customer's bank data and instantly initiate payments. "We see ourselves ultimately as enablers, supporters of the [fintech] ecosystem and as hopefully bastions of a new wave of fintech innovation that will enable and spur a lot of very exciting changes in the lives of everyday people and businesses," Hisham Al-Falih, Lean's co-founder and CEO told CNBC's Dan Murphy ahead of the new investment announcement on Thursday.
The Kingdom Tower, operated by Kingdom Holding Co., centre, stands on the skyline above the King Fahd highway in Riyadh, Saudi Arabia.The technology, Lean's CEO says, is "not only for retail accounts, but also for SME accounts. So you can imagine that this is the plumbing for fintech. And what this will enable is a whole new wave of use cases that previously were untapped, underutilized.
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