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Saudi fintech Lean raises $3.5 million seed for its monetary APIs platform

Riyadh-based monetary APIs platform Lean has raised $3.5 million in a seed spherical, it introduced in an announcement to MENAbytes at the moment. The spherical was led by Raed Ventures with the participation of Abu Dhabi’s Shorooq Companions, US & Saudi-based Outliers VC, Berlin-based World Founders Capital & Dubai-based World Ventures. Some main angel buyers together with Souq and Maktoob’s co-founder Samih Toukan and former associate and managing director of Lightspeed Ventures Jake Stated additionally took half within the spherical.

Based in 2019 by Hisham Al-Falih, Aditya Sarkar, and Ashu Gupta, Lean is a Plaid-like B2B startup that builds developer-friendly APIs to supply fintechs with entry to buyer monetary information and cost initiation capabilities.

The Saudi startup does this by immediately integrating with monetary establishments and offering them with an API integration layer to enhance their present infrastructure.

“Our technology provides financial institutions with full transparency, oversight, and control over the data being shared by their customers, while also achieving full Open Banking compliance. As a result, fintechs can integrate with a multitude of Financial Institutions in the region through a single platform – the Lean Universal API,” stated the startup in an announcement.

Plaid, the US startup and business chief that has been doing this for American fintechs was acquired by Visa for $5.Three billion earlier this yr.

Lean is at the moment within the strategy of integrating and going dwell with totally different banks in Saudi and Bahrain and has plans to develop quickly to the United Arab Emirates, Kuwait, and Egypt. The fintech of fintechs goals to be operational throughout a lot of the Center East by 2021.

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The use instances that Lean helps, in response to its web site embrace, private finance administration, lending, and enterprise funds.

In an announcement, Lean defined that its providers will add value to all of the stakeholders of the monetary ecosystem. Clients will achieve extra entry and management over their monetary information, fintechs will achieve common entry to prospects’ monetary information, banks will make new applied sciences accessible to their prospects whereas gaining full transparency and management over the information being accessed by third events and regulators will keep full oversight and management of the whole ecosystem’s operations.

Hisham Al-Falih, the co-founder & CEO of Lean, stated, “Customers stand to gain the most from sharing their data with new fintech services. However, this should never come at the expense of their privacy and security. Lean’s core technologies ensure that customers can seamlessly and securely share their financial data with their favorite Fintech apps without ever compromising on their privacy or security.”

Omar A. Almajdouie, Founding Accomplice at Raed Ventures, stated, “Financial inclusion is a great mission that needs the right infrastructure to thrive. Hisham, Aditya and Ashu built Lean Technologies to ensure that fintech innovators have a seamless platform to build the greatest products for their communities in Middle East.”

Mahmoud Adi, Founding Accomplice at Shorooq Companions, stated, “Lean is the missing piece for the Middle East Fintech ecosystem. The company will be the enabler of fintech innovation in the region. This will accelerate growth in the Fintech ecosystem and create seamless consumer experiences so that we can all benefit from simpler financial lives.”

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Mohammed Almeshekah, Founding Accomplice of Outliers VC, stated, “Lean is strongly positioned to be the conduit of financial data and connectivity with a strong technical foundation built on trust and data security.”

Zubair Naeem Paracha

Founder at MENAbytes

A tech and startup fanatic primarily based in Lahore, Pakistan. Zubair other than main MENAbytes can be constructing Qraar, a profession discovery and improvement platform for millennials in MENA. He may be reached on Linkedin, Twitter or zubair [at] menabytes [dot] com.
Zubair Naeem Paracha

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