Lean Technologies, a prominent MENA fintech firm, has officially launched a suite of four Pay-by-Bank products in the UAE. The move allows businesses to collect payments directly from customer bank accounts, aiming to reduce their reliance on traditional card networks and associated fees.
Quick Facts
- Four new Pay-by-Bank products launched in the UAE.
- Over AED 20 billion processed in transactions to date.
- Backed by more than US$100 million from key investors.
A Four-Pronged Approach to Payments
Unveiled at an event in Dubai on June 18, the product suite is built on the Central Bank of the UAE’s Open Finance framework, which gives licensed firms the ability to initiate regulated bank-to-bank payments. The suite is designed to cater to a range of business needs:
- Deposits: Tailored for trading, investment, and remittance platforms, this feature enables one-click top-ups and keeps account-on-file consent for up to 12 months.
- Collections: Supports recurring payments and credit repayments, incorporating pre-transaction balance checks to reduce failures.
- Checkout: Aimed at e-commerce merchants, this product uses delegated strong customer authentication for a smoother experience for first-time buyers.
- Payment Links: A low-code solution for businesses like schools and property firms to request payments without needing a deep technical integration.
Lean reports that its shift away from card networks has already saved its clients hundreds of millions in fees.
Building on the UAE’s Open Finance Rails
The company has been active in the UAE’s account-to-account payment space since 2022 and marked a key milestone in January by executing the country’s first customer-initiated Open Finance payment with digital wallet Ziina.
According to Co-founder and Chief Product Officer Tewfik Cassis, the UAE’s Open Finance programme, including the Central Bank’s Nebras platform and Al Tareq API framework, provided the essential standardized infrastructure for the new suite.
Launch partners for the new suite include ride-hailing and super app Careem, which is leveraging the Deposits product for wallet top-ups and remittances.
From UAE Launch to Saudi Ambitions
While the initial launch is focused on the UAE, Cassis confirmed that the products may also be expanded to Saudi Arabia.
This move follows Lean recently securing a Major Payment Institution license for open banking from the Saudi Central Bank (SAMA), allowing the company to move beyond its sandbox testing phase and deploy live services in the Kingdom.
The company is also reportedly exploring expansion into stablecoins and cross-border payments.
About Lean Technologies
Lean Technologies is a financial technology company focused on building Open Finance infrastructure across the Middle East. The firm enables businesses to connect to their customers’ bank accounts to initiate payments and retrieve financial data. It has raised over US$100 million from investors including General Catalyst, Peak XV, and Shorooq, with major operations in the UAE and Saudi Arabia.
Source: Fintechnews.ae
