Lean Technologies, the open finance infrastructure provider backed by Sequoia Capital and General Catalyst, was founded to solve a problem that was hindering fintech innovation in the Middle East and North Africa (MENA) region: a straightforward way to connect to customer bank accounts.
In conversation with The Fintech Times, co-founder Aditya Sarkar outlined the company’s journey, its view on the region’s unique regulatory landscape, and its vision for the future.
What was the original vision when founding Lean, and how has that evolved as the company scaled?
The original idea for Lean came up when my co-founder Hisham and I were brainstorming how to technically solve a problem for another fintech startup he was thinking about. We realised there was no straightforward way to connect customer bank accounts in Saudi Arabia and the UAE, which was critical to making his initial idea work.
Recognising that gap convinced us to spend the next decade of our lives building precisely that financial infrastructure. We both grew up in the region, so the concept of creating foundational technology that could accelerate growth for the entire fintech ecosystem was especially motivating. Initially, our focus was simply on securely and easily retrieving financial data for fintechs.
But very early on, customers made it clear they also needed help initiating payments. Over time, our vision evolved further as we continuously listened to our clients’ various pain points. Our goal has always been about tackling messy, difficult problems once and for all, so other fintechs don’t have to, allowing them to focus entirely on their core value propositions.
What sets open finance in MENA apart?
The open finance and open banking frameworks recently introduced in the UAE and Saudi Arabia are among the most exciting globally. Both countries have had the advantage of learning from what did and didn’t work in places like the UK and EU. Credit has to go to both the CBUAE and SAMA for proactively applying these global lessons and fostering innovation.
What really stands out though, is how both regulators have worked so closely and frequently with the ecosystem. It’s pretty unique to have governing bodies of two such important economies regularly engaging companies like us in discussions, genuinely listening, and then iterating their frameworks. As a result, they’re executing on a truly innovative vision, rolling out payment features that actually make a meaningful difference to customer experiences.
Sequoia Capital made its first-ever Middle East investment in Lean. Why did it back your mission?
Externally, I think the Middle East is just an incredibly exciting region right now, especially for fintech. The market here is probably growing faster than anywhere else, and the regulators pushing innovation definitely adds to that attractiveness. So I can totally see why Sequoia was drawn to the region, especially to a company like ours building the financial infrastructure that powers that growth.
But internally, I actually remember a great story from Sequoia after everything was finalised. They told us they spoke directly to some of our customers without letting us know beforehand, and those customers all spoke extremely highly not just about the product, but specifically about our team, highlighting how closely we listened to them, took their feedback seriously, and genuinely cared about solving their problems.
General Catalyst came on board almost three years later, and by then we had built an incredible roster of clients across both the UAE and Saudi Arabia. I doubt it’s a coincidence, but the thing General Catalyst emphasised again was our team quality and customer loyalty, which honestly makes me incredibly proud. It says a lot about the whole team that we’ve managed to keep those standards high even as we’ve significantly scaled both our team and our customer base since Sequoia’s investment.
With over $100million raised to date and $2billion-plus in transactions processed, what are your growth plans?
We’ve always been laser-focused on the MENA region. We want to keep diving deeper into financial infrastructure and solving bigger and messier problems for fintechs handling money and financial decisions. We’re already moving in that direction by helping clients with their financial operations and treasury management, but there are still plenty of challenges these companies face that we want to solve next. If there’s anything in financial infrastructure that would meaningfully help our customers focus better on their core business, it’s probably somewhere on our roadmap.
That means our team has to scale thoughtfully; we’ve never been about headcount growth for its own sake. Instead, we prioritise attracting exceptional people who raise the bar and help us maintain our product quality and close customer relationships. The recent funding round is validation that we’re on the right path, hopefully attracting even more incredible talent to Lean.
What’s your view on the regulatory trajectory for open finance in MENA?
I think we sometimes underestimate how advanced this region already is, especially in its central bank infrastructure. Both the UAE and Saudi Arabia have had instant bank-to-bank payments for several years, which isn’t common globally. Regulators here have also struck a great balance between driving innovation and ensuring consumer safety, because they genuinely listen and respond to industry feedback. It’s probably one of the main reasons fintech growth here is accelerating so quickly.
Global financial regulation isn’t really following a single linear path. Different countries are trying different strategies based on their unique circumstances, and it’s too early to know which is ultimately the best path to take. But what’s important is how actively our regional regulators engage with fintechs and continuously adapt their approach based on market needs.
What role should governments and central banks play in accelerating the adoption of financial connectivity platforms like Lean?
The primary role of governments and central banks should be promoting financial inclusivity while ensuring economic stability and consumer safety. By creating frameworks for open finance and open banking, they open pathways for inclusivity and innovation. While they enforce deadlines and regulations, platforms like Lean ultimately hold the responsibility for accelerating adoption.
Our job is to build products and services useful enough that consumers and businesses genuinely want to connect their bank accounts. We achieve that by closely collaborating with our clients and their end customers to understand exactly what’s needed. Thankfully, our clients are some of the most innovative, customer-obsessed companies out there, already actively building products that leverage our solutions.
With over one million bank accounts connected, Lean is enabling everything from lending to payments. What are some of the most impactful use cases you’ve seen emerge from your API infrastructure?
One really impactful use case is what we call ‘second-look lending’. Customers initially declined a loan due to traditional credit checks, such as a low credit score or insufficient history, can connect their bank accounts via Lean for a real-time financial assessment. We’ve heard numerous stories of people new to the country, freelancers, or those experiencing recent financial changes receiving loan approvals after an initial rejection because they connected their bank account. Impressively, our clients report that these loans not only boost financial inclusion but actually have higher repayment rates compared to traditional lending methods.
How do you ensure security, privacy, and trust when operating as the infrastructure layer between banks, fintechs and consumers?
Security has been fundamental to us since day one and it’s deeply embedded in our company culture and every decision we make. Even when we were a small startup, we prioritised careful development of our infrastructure, processes, and training to protect sensitive financial information rigorously.
Critically, we’ve invested in building one of the strongest security engineering teams in the region. This team continuously ensures that our software and code adhere to the highest security standards through robust development practices, rigorous testing, and continuous auditing. Our engineering practices undergo multiple external security audits every year, providing independent validation of our systems and giving additional reassurance to our clients and their customers.
But trust involves more than just technical security. It comes from transparency, open communication, and genuine responsiveness to our clients and their customers. We prioritise maintaining constant dialogue so that if any concerns arise, we address them swiftly and openly, no matter how small they might seem. Especially since financial connectivity is still relatively new in the region, we understand the responsibility we carry in building and maintaining trust. Ensuring our stakeholders always feel informed, heard, and supported has been central to how we operate and build long-term relationships.
What were some of the biggest early challenges you faced, and how did you overcome them?
The root solution to every big challenge we’ve faced has always been building an incredible team that works exceptionally hard. Early on, our biggest challenge was hiring great people, especially since we didn’t even have a website, let alone an actual product. But even from the start, we insisted on keeping super high standards not just in terms of skills, but also cultural fit.
Naively, we initially thought hiring would get easier as we grew and developed a reputation, but actually, as we brought on amazing people, our hiring standards naturally rose even higher. Suddenly it felt even more important to hire truly outstanding people. There’s no magic solution here, just a mix of patience, being incredibly intentional through every step of the hiring process, and investing heavily in a top-notch talent team.
But beyond hiring, every fintech challenge we’ve faced has always felt like an opportunity. In fact, our customers probably wouldn’t need us if these tough challenges didn’t exist. Every time we identify a tricky new issue, our first thought is always how we can solve it. Not just for one client, but for the entire ecosystem.
What does future success look like for Lean?
For us, success is when the MENA region becomes the easiest place in the world to start and scale a fintech because there’s a robust infrastructure provider handling all the tough problems on your behalf. There’s honestly not much point getting overly specific about what exact solutions we’ll build in 3-5 years, because the market here evolves so rapidly. The reality is, our most impactful solutions might end up addressing problems that don’t even exist today.
What Lean is genuinely good at is continuously listening closely to customers, identifying the next big messy problem, and then tackling it. Until we find that next problem, we’re laser-focused on fully utilising the amazing opportunities that Open Finance is already bringing to the region.
For entrepreneurs and VCs eyeing the MENA fintech space, what advice would you offer about building or backing companies in this fast-moving market?
I’ve never been a VC, so I’ll leave the investing advice to professionals. But for entrepreneurs, two things are essential: first, build a team of people you trust and genuinely enjoy working with, enabling you to navigate the highs and lows of building a company and remain focused on customers. Second, there’s no magical universal advice. Take all advice as useful data points, but ultimately trust your instincts and confidently disregard advice if it contradicts your genuine vision for your company. Yes, I’m aware of the irony in giving this advice.
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