Saudi Arabian FinTech company Lean Technologies has raised $33m in an investment that was led by Sequoia Capital.
The deal marks Sequoia’s first investment into the Gulf region.
Several existing and first-time investors joined the funding round, including former General Electric chief Jeff Immelt.
With the funds, Lean Technologies plans to hire more staff and expand across the region.
Founded in 2019, Lean Technologies provides APIs so companies can build and launch financial products. Its APIs include digital accounting, robo advisory, personal finance, buy now pay later and P2P lending.
It has offices in Riyadh, Abu Dhabi, Dubai, Cairo and London.
This is the second Saudi Arabia-based FinTech company to close an investment in 2022. Dawul recently scored $5m in a seed funding round, which was led by RAED Ventures.
Dawul supplies investors with an automated platform to execute trades, as well as follow professional traders and their portfolios and investment strategies.
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