• Lean Technologies is exploring new investments as it expands beyond open banking and prepares for a potential IPO.
• The fintech raised USD 67.5M in late 2024 to boost financial innovation and expand its product offerings in MENA.
• Lean is eyeing growth in remittances, credit, and insurance amid Saudi and UAE pushes for open banking regulation.

Lean Technologies

Saudi’s Lean Technologies, is exploring new investments as it seeks to expand its product offering ahead of a possible IPO.

The core of Lean’s operations is open banking which allows customers to easily share data with other financial institutions or third parties. Furthermore, it aims to expand beyond open banking by investing in other businesses. More specifically, it seeks to invest in businesses that can help offer more financing solutions to its clients.

Fintech

This comes after the fintech raised USD 67.5 million in November 2024 in a round led by General Catalyst. With this, it aimed to foster financial innovation in the MENA region. Since then, the company has seen strong activity in remittances, cross-border payment flows and alternative credit solutions. It has also been exploring opportunities in sectors such as insurance, pensions and investments. 

Founded in 2019, Lean Technologies is a Saudi-based fintech startup. It builds infrastructure for open banking and financial data sharing across the Middle East.

As it lays the groundwork for a potential IPO, the fintech aims to expand its range of products. According to Bloomberg, CEO of Lean Technologies Hisham Al-Falih, explained that Saudi and regional markets are very attractive. He also discloses that there is no current decision on the timing of the IPO.

The fintech ecosystem is flourishing as Saudi and the UAE develop regulatory frameworks to promote open banking and digital finance. Furthermore, fintech is seen as fundamental sector for develop and fostering innovation and entrepreneurship.