Saudi fintech startup Lean Technologies is exploring new investment opportunities as it seeks to broaden its product range and position itself for an eventual initial public offering, according to Chief Executive Officer Hisham Al-Falih.
The Riyadh-based firm, which has raised more than US$100 million from investors including General Catalyst, plans to expand beyond its core open banking business into other financial services that can help provide new financing solutions to clients.
“We feel we have a very strong right to play and right to solve these pain points,” Al-Falih said in an interview in Riyadh. “There are massive under-penetrated opportunities that we hear about from our customers. That’s really what is guiding our focus.”
Lean is seeing growing demand across remittances, cross-border payments, and alternative credit solutions, while also exploring opportunities in insurance, pensions, and investment products.
The company’s expansion efforts are aimed at building a more diversified platform ahead of a potential IPO. Al-Falih said Lean is considering both Saudi Arabia and other regional markets as attractive listing venues but has not yet made any decisions on timing.
Founded in 2019, Lean has benefited from the broader regulatory push in Saudi Arabia and the UAE to advance open banking and digital financial ecosystems as part of national economic diversification agendas. Open banking allows consumers to share financial data securely between institutions, creating opportunities for innovation in payments, lending, and financial management.
The company’s growth also reflects a broader surge in Middle Eastern fintech investment. Startups across the region raised a record $1.2 billion in funding last quarter, according to Bloomberg data, driven by several large deals exceeding $100 million and strong investor interest in financial technology.