Saudi startup Lean Technologies has started to explore new investment opportunities for expansion beyond Open Banking amidst its alleged IPO plans.
The company is looking to widen its offering portfolio, including money transfers, alternative credit, and insurance and pension solutions, according to the press release. This may come as it is working on a potential IPO, although no official decision or timing has been announced yet.
Lean Technologies' expansion journey
Last year, Lean Technologies secured USD 67.5 million in a Series B funding round led by Silicon Valley-based venture capital group General Catalyst. The company used the proceeds to scale its Pay-by-Bank and Open Banking products, while optimising operational efficiency for businesses. Back then, the company aimed to deepen its partnerships, grow its team, and expand its offerings. Fast forward to today, Lean Technologies managed to achieve those goals, growing its partner network and its business.
In June 2025, the company received IPA from the Central Bank of the UAE under the country’s newly introduced Open Finance Framework. The approval allows Lean Technologies to offer Open Finance solutions in the UAE, reflecting its commitment to becoming fully licensed and expanding access to connected and secure financial experiences for customers.
The IPO plans and expansion strategy come as the company partnered with eToro to power instant AED bank transfers in the UAE. The collaboration enables eToro to leverage a locally regulated Open Banking provider, offering secure, efficient, and instant AED funding. Linking their eToro accounts to their local bank, UAE-based users can securely deposit funds faster without leaving the app.
Another collaboration includes Careem Pay, which needed a partner to optimise remittance funding opportunities by modernising the way users fund their remittance transfers across the UAE. Through Lean’s Pay-by-Bank solution, Careem Pay customers will have the possibility to link their bank accounts directly to Careem Pay’s remittance service, which is provided in partnership with LuLu Exchange. In addition, by eliminating manual steps and reducing funding costs, this integration gives users an even faster and more convenient way to complete international money transfers.
