November 19, 2024

JIMCO invests in fintech Lean Technologies’ US$ 67.5m Series B funding round

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The open banking platform allows third-party financial service providers to access their customers’ bank data and initiate payments on their behalf with their consent.
Participation by JIMCO in this funding round is illustrative of its commitment to drive greater financial inclusivity across the region.
This marks JIMCO’s third investment in the company as it participated in a Pre-Series A and Series A round in January 2021 and 2022.

The Jameel Investment Management Company (JIMCO), the global investment arm of the Jameel Family, has announced that the JIMCO Technology Fund has participated in a $67.5 million Series B funding round for Lean Technologies, a Riyadh-based fintech infrastructure platform. The funding round was led by General Catalyst, a renowned Silicon Valley-based venture capital group.

In addition to JIMCO, who already invested twice in the fintech platform, in the Pre-Series A and Series A funding rounds, there was participation from other prominent investors, bringing Lean’s total funding to over $100 million to date.

JIMCO’s participation in Lean Technologies’ latest funding round is illustrative of its commitment to drive greater financial inclusivity across the region.

Founded in 2019 by Hisham Al-Falih, Ashu Gupta and Aditya Sarkar, Lean Technologies is a B2B open banking platform that allows businesses to access their customers bank accounts and initiate payments on their behalf with their consent. It is breaking down barriers for other fintech companies in the region by making it easier for their developers to connect to their customers’ data, enabling them to focus on the true value they want to give to their users. The company believes in making financial data and payments more accessible, transparent, and beneficial for consumers and businesses, fostering a more inclusive and connected financial ecosystem.

Lean Technologies, which has offices in the Middle East, as well as in London, intends to use the funding to scale its Pay-by-Bank and Open Banking offerings, helping improve operational efficiencies for businesses across the region. With plans to deepen partnerships, grow its expert team, and expand its product offerings, Lean is set to solidify its role as the Middle East’s leading fintech infrastructure provider, driving long-term growth and innovation across the ecosystem.

Notes for Editors

About JIMCO

JIMCO (the Abdul Latif Jameel Investment Management Company) is the Jameel Family’s global investment arm, consolidating under one name an established Jameel Family tradition of investing in innovative ideas and businesses promising positive change that stretches back to, at least, the early 1980s. Today, JIMCO is an active global investor in innovative, early-stage and breakthrough ventures, business models and emergent technologies, aiming to positively shape the future of core industries driving the global economy.

These investments are diverse and embrace medical and healthcare industries, fintech, insurtech, electric vehicles and future mobility solutions, and the future of energy, amongst others, and are made in carefully selected and targeted funds and also in fledgling businesses, but all have a common focus in the pursuit of a more sustainable tomorrow.

JIMCO comprises a number of independent legal entities, there are three primary fund brands:

The JIMCO Technology Fund – focusing on venture building, both through select, targeted funds and direct investments.
The JIMCO Life Sciences Fund – focusing on both direct and fund investments in life sciences, biotech and health care, from pharmaceuticals, therapeutics, vaccines and diagnostics to cutting-edge medical device technologies and techniques, and
The JIMCO Strategic Asset Fund – focusing on forward-thinking fund with a clear, aligned, long-term vision, with relevant sector specialization from sustainability initiatives, to drivers of global energy transformation towards renewable, sustainable and clean sources of power.

For more information, visit jimco.com, and our brand video here or contact: info@jimco.com for general inquiries or media@jimco.com for press inquiries(GMT +4 hours UAE.

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