Riyadh and London-based Lean Technologies launched its platform in 2019, enabling third-party financial services providers to access their customer's bank data and instantly initiate payments.
, presenting new opportunities for fintech companies in the Gulf region. Open banking in the last decade has already been introduced across more than 55 markets globally, including in Europe and the U.S. "Fintech has witnessed astounding growth over the past two years in the MENA Region," said Rayan Dawud, an investment partner at Outliers Venture Capital, which is an investor in Lean Technologies."Open banking will lower transaction costs and offer access to sophisticated data sets, fueling the next generation of regional fintechs."
Lean's existing venture investors, in addition to Outliers, include Shorooq Partners in Abu Dhabi as well as angel investors from the U.S. like Henrique Dubugras, CEO of financial services company Brex, and Samir Vasavada, founder of AI-powered investment management firm Vise.
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