Sequoia Capital India leads $33-M round in Saudi fintech platform Lean Technologies

Sequoia Capital India has made its first investment in the Persian Gulf region by leading a USD 33 million funding round for Riyadh, Saudi Arabia-based fintech firm Lean Technologies. Lean enables companies to access bank data and make payments. Besides Sequoia Capital India, existing investors and newcomers including General Electric Co.'s former chief Jeff Immelt participated in the Series A round. Founded in 2019, Lean has offices in Riyadh, Abu Dhabi, Dubai, Cairo and London. It intends to use the funding proceeds to grow its team and expand further across the region.