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Silicon Valley's General Catalyst makes first investment into Saudi Arabia through fintech Lean Technologies

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Saudi Arabia’s fintech startups have raised over $1.84 billion in venture capital investments since 2018, according to the kingdom’s SME authority.

General Catalyst, Stanley Druckenmiller and Bain Capital's investment into Lean Technologies represent the firms' first investments into Saudi Arabia.

What this signifies, Lean Technologies CEO and co-founder Hisham Al-Falih told CNBC, is that"this is a huge vote of confidence for their view of the growth trajectory that Saudi is on and the potential that it has over the next decade." "We are almost an order of magnitude away from where we could be in terms of the fintech revenue and its participation to the economy," the Lean Technologies CEO said."And that gives us the wind behind our sales and the motivation to keep building those tools and the picks and shovels, if you will, to enable those bold innovators to achieve their dreams."

The company works with major local clients like Emirati state telecoms firm e& and ride-hailing super app company Careem, with over $2 billion in total processed volumes, according to its press release issued Sunday.

 

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