Saudi Fintech company Lean Technologies has received its Letter of Approval (LOA) from the Saudi Central Bank (SAMA) to carry out open banking related services within the Central Bank’s regulatory sandbox. As the first Saudi Technical Service Provider to receive a permit to operate in the Kingdom, Lean is set to enable fintech companies building the next generation of financial products to deliver more innovative and personalized customer experiences. Lean Technologies, a Saudi B2B technology company, helps businesses build new fintech solutions through its developer-friendly API suite. Lean’s Data API enables businesses to securely access their end-users’ financial data directly from their bank accounts. Lean Technologies, which has been operational in the UAE since April 2021, is already contracted with over 90 clients ranging from fintech startups to enterprise companies. Some of their early clients include Buy Now Pay Later providers such as Tabby, Tamara and Spotii, trading companies including Sarwa and Baraka, and various other enterprises such as Noon and Al Futtaim Group.
What this means for Saudi businesses and consumers
Consumers and businesses increasingly expect to transact seamlessly and digitally across every aspect of their financial lives. Through Lean’s universal APIs, businesses can now access their customer’s financial data from all major banks in the Kingdom, thus enabling the market to meet the growing needs of Saudi consumers. Lean helps users safely connect their financial accounts to the apps and services they love. Modern financial apps provide powerful experiences when connected with data from a user’s bank account, allowing users to perform prudent financial planning, get better rates on loans, transfer money to friends and more, without compromising on privacy or security.
What this means for the Saudi Fintech Ecosystem
Over the past few years, Saudi Arabia has developed into a leading fintech hub with a thriving and forward-looking ecosystem. Fueled by a young and digitally savvy population, the country saw the emergence of new fintech companies that are building innovative products and services to meet growing consumer needs. Since the launch of the Saudi Central Bank’s regulatory Sandbox in 2018 , the number of Saudi fintech entities operating in the Kingdom rose significantly at 147% CAGR and is expected to continue to rise to over 550 fintechs by 2030, inline with the Kingdom’s new Fintech strategy. With its newly issued license, Lean stands well positioned to enable thousands of merchants to capture the full potential of Open Banking in the Kingdom.
“We’ve been incredibly impressed with the efforts of The Saudi Central Bank, which has been working tirelessly to introduce progressive regulatory frameworks that foster an innovative and stable financial ecosystem. The latest Open Banking initiative will enable the development of a new wave of financial products, and we’re excited to play our role by offering businesses the tools to build the next generation of financial services in the Kingdom” said Saudi entrepreneur Hisham Al-Falih, Lean’s Co-Founder & CEO, after his company received a Letter of Approval to offer its services within SAMA’s regulatory sandbox.
Lean envisions a fully inclusive financial ecosystem that serves everyone, no matter where they bank or live in the MENAP region. The company recently announced a $33 million Series A, led by Sequoia Capital, and will soon be expanding its coverage beyond the UAE and Saudi Arabia.
