JIMCO participates in a $67.5 million Series B funding round for Lean Technologies, emphasizing its commitment to financial inclusivity in the evolving Saudi fintech landscape.

Information on the Target

Lean Technologies is a B2B open banking platform founded in 2019 by Hisham Al-Falih, Ashu Gupta, and Aditya Sarkar. The company is headquartered in Riyadh and offers a unique service that allows businesses to access their customers' bank data and initiate payments with the customers' consent. By doing so, Lean Technologies is effectively breaking down barriers for other fintech companies in the region, enabling developers to efficiently connect to customer data and focus on delivering real value to users.

With a vision to enhance financial accessibility, transparency, and benefit for both consumers and businesses, Lean Technologies is committed to fostering a more inclusive and connected financial ecosystem. The company operates both in the Middle East and London, reflecting its growing international presence.

Industry Overview in the Target’s Specific Country

The financial technology (fintech) sector in Saudi Arabia has been rapidly evolving, driven by the government's Vision 2030 initiative, which aims to diversify the economy and promote innovation. This has led to a supportive regulatory environ