Sequoia Capital India makes Gulf debut

Sequoia Capital India has invested $33 million in Saudi financial start-up Lean Technologies, marking the firm’s first venture into the Arab Gulf region.

Sequoia Capital India is a subsidiary of Sequoia Capital, a US-based venture capital firm that has previously backed Google and Stripe.

However, its fund is self-contained, and other international investors, notably New York-based Liberty City Ventures and former General Electric CEO Jeff Immelt, have contributed to Saudi fintech’s Series A investment.

Lean Technologies, based in Riyadh and London, debuted its platform in 2019, allowing third-party financial services companies to access their customers’ bank data and conduct payments instantaneously.