LEAN Raises $33M to Expand its Operations
Lean is a Saudi fintech startup company that raised $33 million, and according to the company, that capital will be used to grow its team and expand its operations to new markets. The funding round was led by Venture capital firm Sequoia Capital India. Also, a few others joined in funding rounds like Raed ventures, Outliers, Shorooq, and Jimco.
Founder of a San Francisco-based financial services and technology company, former chief executive of GE, and American investor Michael Ovitz, New investors like Liberty city venture, Human capital also took part in the round.
Lean’s co-founder and chief executive, Hisham Al-Falih, said, “we started Lean to enable the next generation of financial innovation in the middle east, a mission deep-rooted in the hearts of our entire team. Unleashing a new wave of cutting edge financial solutions that will catalyze the lives of everyday people and businesses “.
Lean has offices in Riyadh, Abu Dhabi, Dubai, Cairo, and London. Lean has planned to grow its team and further expand across the region.
Lean launched its flagship data and payment applications programming interface in February.
The company gained many leading financial players as clients, connected thousands of customers to tens of thousands of customers’ accounts, and processed hundreds of millions of dollars in transactions, it said without disclosing the exact number.
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According to a report of Fintech Saudi, “Between January and August 2021, the kingdom had 16 venture investments in fintech and total deal value was $157.2 million.
Amit Jain, managing director of sequoia capital India, said, “Lean is leading a financial revolution with their open banking platform, and helping redefine financial services and products across the region. They are a visionary team, in the early innings of a very aspirational journey, and we look forward to the road ahead “.
The Lean APIs have unlocked many doors and are being used by some of the region’s major financial institutions, said the company.