Startups Attract New Investment as Regional Innovation Hubs Expand
RIYADH — Saudi Arabia’s Lean Technologies has become the first licensed open banking provider in the Kingdom, receiving a major payment institution license from the Saudi Central Bank. The fintech, founded in 2019, previously operated within SAMA’s regulatory sandbox, connecting more than one million bank accounts. The license allows it to scale services to thousands of merchants and millions of users.
Across the region, startups continue to attract fresh capital. UAE‑based CarniStore raised $12.2 million from Emirates Growth Fund to expand its premium protein e‑commerce platform. Proptech Estaie secured a seven‑figure pre‑seed round for its AI‑native extended‑stay marketplace, targeting Saudi expansion. Hospitality platform Mezza raised seed funding to offer restaurants upfront capital in exchange for future food and beverage credit.
US healthtech WHOOP, founded by Egyptian entrepreneur Will Ahmed, closed a $575 million Series G at a $10.1 billion valuation, with participation from QIA and Mubadala.
Separately, Saudi Arabia’s Ministry of Industry and Mineral Resources reported that fintech lending to the industrial sector grew 36% in 2025, reaching SR774 million ($206 million).
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