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Saudi fintech Lean raises $33 million

Saudi fintech Lean raises $33 million

Lean Technologies, a Saudi fintech firm whose founders include the son of the kingdom’s former oil minister, Khalid Al-Falih, has raised $33 million in a Series A funding round led by Sequoia Capital India.

Founded in 2019 by Hisham Al-Falih, Ashu Gupta and Aditya Sarkar, Lean is an open banking platform that enables companies to access bank data and make payments.

Lean's software is used by a number of financial players in the region, across different verticals including remittances, cryptocurrency, and investment.

Besides Sequoia Capital India, existing investors and newcomers including General Electric Co.’s former chief Jeff Immelt participated in the Series A round.

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