Sequoia Capital has made its first investment in the Gulf region by leading a funding round for Lean Technologies, a Saudi fintech firm whose founders include the son of the kingdom’s former oil minister, Khalid Al-Falih.
Lean, which enables companies to access bank data and make payments, raised $33m, according to a statement on Thursday.
Besides Sequoia Capital India, existing investors and newcomers including General Electric Co.’s former chief Jeff Immelt participated in the Series A round.
Sequoia is deepening its presence in the Middle East after recently backing companies from Turkey to Egypt.
