While attention usually focuses on the financial apps users interact with directly, Saudi company “Lean” has emerged as a behind-the-scenes player, building the digital infrastructure that fintech companies and banking institutions in the Kingdom rely on.
In a recent interview, Hisham Al-Faleh, co-founder and CEO of “Lean”, outlined the company’s founding journey, which began by identifying a key challenge facing the Saudi fintech sector: the difficulty startups faced in accessing the banking data and services needed to build their digital products.
From this gap, the company launched to develop solutions enabling connectivity between financial institutions and fintech companies, amid the transformation the banking sector is undergoing towards digital and open banking services.
From account linking to infrastructure
“Lean” provides a suite of services that have become an essential part of the modern fintech ecosystem, including access to bank accounts, income and payment data, identity verification, and services related to financial data exchange.
This model resembles what global financial infrastructure companies have done, capitalizing on the expansion of the digital economy and rising demand for data-connected financial services.
With the growing number of fintech companies in the Kingdom, the need for this type of infrastructure has become more critical, as many new apps and services depend on it to deliver their products to customers.
SAR 450 million from investors
“Lean’s” growth reflects increasing investor interest in the Saudi fintech sector, with the company successfully raising over SAR 450 million across several investment rounds in recent years.
The company attracted local and international investors and venture capital funds, at a time when the fintech sector is seeing rising competition for funding, especially for companies developing the sector’s core infrastructure rather than just offering direct consumer services.
The size of the funding the company secured underscores growing investor conviction that digital infrastructure will be one of the most important growth drivers within the financial sector in the coming years.
Choosing the investor is no less important
Al-Faleh explained that the fundraising journey was not just about securing money, but also involved selecting investors capable of supporting expansion and growth plans.
He noted that startups need strategic partners with the expertise, relationships, and ability to contribute to building the business, especially when targeting expansion beyond local markets.
This approach reflects a shift in how startups think, where funding alone is no longer the measure of success; rather, the value-add an investor brings has become a key factor in decision-making.
Lessons from the Silicon Valley crisis
During the interview, Al-Faleh touched on the challenges startups face in managing liquidity and dealing with sudden financial crises.
He cited the Silicon Valley Bank crisis, which sparked concern among tech companies worldwide after freezing the funds of a large number of companies and investors.
That crisis highlighted the importance of diversifying liquidity sources and managing financial risk, especially for fast-growing companies that rely on continuous funding to support their operational and expansion activities.
Infrastructure attracts investments
“Lean’s” experience reflects a broader shift within the Saudi fintech sector, where investors are increasingly turning their attention to companies building the sector’s core infrastructure, rather than focusing solely on consumer-facing applications.
This model gives companies greater scalability, as dozens or hundreds of other companies depend on their services and technology platforms.
This trend also aligns with the goals of Saudi Vision 2030, which aims to boost financial innovation and increase fintech’s contribution to the national economy.
The future of Saudi fintech
With the continued growth of open banking and the expansion of data- and AI-based services, financial infrastructure companies appear poised to play a larger role in the next phase.
“Lean” is one of the most prominent companies benefiting from this shift, relying on a business model focused on enabling other institutions to build their financial services more efficiently and quickly.
As investments continue to flow into the sector, competition is moving towards building the infrastructure that the future of the digital economy and financial services in the Kingdom will depend on.