Lean Technologies, a Riyadh-based financial technology platform, announced that it has closed a seed round of $3.5 million. The round was led by RAED Ventures. Shorooq Partners, Outliers VC, Global Founders Capital, Global Ventures, and angel investors were in participation.
Lean Technologies is a B2B platform that builds developer-friendly APIs. In turn, this provides fintechs with access to customer financial data and payment initiation capabilities. Hisham Al-Falih, Aditya Sarkar, and Ashu Gupta co-founded the startup in 2019.
Lean Technologies can add value to all its key stakeholders in several ways. Firstly, customers will gain more control over their financial data, which in turn would provide them with a variety of new financial applications and services while maintaining their existing banking relationships. Secondly, Fintechs will gain universal access to their customers’ financial data, which is needed to provide innovative financial products and services. Thirdly, banks will make new technologies available to customers while gaining full transparency over the types of data being accessed by third parties. Fourthly, Regulators will have full oversight of the ecosystem’s operations, ensuring customer protection, data privacy, and ecosystem stability.
The funding round will be used towards hiring talent to ensure a secure, reliable, and consistent way to access data.
Lean is in the process of integrating and launching with several banks in Saudi Arabia and Bahrain. The company plans on expanding to the UAE, Kuwait, and Egypt shortly thereafter. The company aims to be operational in the majority of Middle Eastern countries by 2021.
The co-founders of Lean are determined to support the creation of an exciting and secure FinTech ecosystem for the region.
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