Eyewa and Lean Technologies Draw Top US Investors to the Middle East in 2024, Sparking a Regional Startup Boom

A landmark year for Saudi and GCC startups unfolded in 2024 as eyewa and Lean Technologies pushed the boundaries of retail and fintech innovation. Both companies demonstrated how regional focus, strategic funding, and customer-centric product design can accelerate growth, attract international investors, and shape the trajectory of the Middle East’s entrepreneurial ecosystem. eyewa expanded its footprint and sharpened its tech-enabled shopping experience in eyewear, while Lean Technologies advanced open banking and open finance initiatives, reinforcing the region’s position as a hub for fintech infrastructure and collaboration between banks, regulators, and digital lenders.

Eyewa: A Gulf-focused eyewear pioneer shaping retail and tech-driven customer experiences

eyewa, the dual-headquartered eyewear retailer based in the United Arab Emirates and Saudi Arabia, entered 2024 with a landmark set of milestones that underscored its rapid ascent in the Middle East’s competitive market. The company surpassed a major retail threshold, crossing 150 stores across the region, and secured its largest funding round to date — $100 million — led by General Atlantic, a renowned global growth investor headquartered in the United States. This funding milestone not only validated eyewa’s business model but also signaled a strong vote of confidence from international growth capital in the company’s regional strategy and future expansion plans.

A key perspective from eyewa’s leadership came through co-founder and co-CEO Anass Boumediene, who emphasized that investment from a major international growth equity firm highlights the structural strength of eyewa’s approach. In a detailed discussion with Arab News, Boumediene stated: “Investment from such a major international growth equity firm clearly highlights the strength of our business model.” His remarks framed the funding as a strategic enabler for broader ambitions, rather than a finish line.

Growth trajectory and strategic expansion plans

eyewa’s growth strategy centers on expanding the store network while refining its omnichannel capabilities to bridge in-store and online experiences. Boumediene highlighted that the company’s expansion is not merely about increasing store counts; it is part of a deliberate plan to reach 250 stores by the end of 2025. The plan reflects a measured approach to scaling that aligns with regional demand dynamics and the company’s capacity to sustain service levels, inventory management, and customer experience across multiple channels.

The Gulf region’s consumer landscape has been a major driver of eyewa’s expansion. The Middle East’s young, tech-savvy population creates strong demand for convenient shopping options, modern eyewear brands, and value-driven pricing. eyewa has positioned itself to capitalize on these market dynamics by delivering region-specific products and pricing strategies that resonate with local customers while leveraging international best practices in retail and logistics.

Customer-centric innovation and technology strategy

Customer feedback has formed a central axis of eyewa’s product development and service enhancements. Boumediene explained that listening to customers is “the first step in mitigating challenges,” a philosophy that underpins the company’s continuous improvement cycle. This customer-centric approach has translated into a suite of technological innovations designed to improve accuracy, convenience, and overall shopping experience.

Notable innovations include AI-assisted eye exams that improve prescription accuracy and AR features that enable virtual try-ons on eyewa’s website and mobile app. These tools help customers make informed choices, reduce friction in the buying journey, and create a more seamless online-offline shopping continuum. Boumediene asserted that these innovations have “bridged the gap between in-store and online experiences, making eyewear shopping more accessible and convenient.” The integration of advanced technology with retail operations is central to eyewa’s differentiation strategy and is expected to support the company’s growth goals in a market saturated with global competitors.

Design philosophy, pricing strategy, and market positioning

eyewa’s product design and pricing strategy emphasize a Gulf-centric approach that differentiates it from global competitors. Boumediene explained that eyewa designs glasses specifically for people in the region, contrasting this with the tendency of some global players to follow US or European trends. This localized design philosophy aims to deliver eyewear that aligns with regional facial morphologies, fashion preferences, and cultural nuances, while also maintaining global quality standards.

Affordability is a critical driver of eyewa’s expansion and accessibility. Prescription eyeglasses start at around $100, a price point that Boumediene noted is half the average price in the GCC. This pricing strategy is not merely about lower sticker prices; it is about offering a spectrum of designs and price points that allow a broader segment of the population to connect with the brand and embrace eyewear as a daily essential. The emphasis on affordability complements eyewa’s design focus, helping to broaden appeal across diverse income groups and demographics within the region.

People, culture, and talent development

eyewa’s human capital strategy has been central to its growth. The company now employs more than 1,300 people representing over 50 nationalities, achieving gender parity with just over half of its workforce being female. Boumediene highlighted the company’s commitment to talent development and internal mobility, noting that optometrists have clear career paths, whether they pursue technical roles or managerial leadership. He pointed to the retail director, who leads eyewa’s retail operations, as an example of internal growth rooted in optometry expertise. This emphasis on professional development and internal mobility signals a mature people strategy that supports scaling, quality control, and service excellence across a expanding store network.

The multinational makeup of eyewa’s workforce, combined with a gender-balanced composition, aligns with broader regional and global diversity and inclusion goals. The company’s approach to diverse talent pipelines supports innovation, comfort with multilingual customer interactions, and the ability to design products and experiences that resonate across a broad customer base.

Operational milestones and the Riyadh hub

An important element of eyewa’s 2025 roadmap is the establishment of a production and fulfillment hub in Riyadh. Boumediene described this hub as a “game-changer” that will enable eyewa to deliver bespoke products to customers within 24 hours — offering the fastest service in the region. The planned hub is positioned to streamline manufacturing, assembly, and distribution, reducing lead times and improving inventory efficiency. This initiative reflects eyewa’s broader ambition to own more of the value chain, enhance fulfillment speed, and maintain high service levels in a fast-changing retail environment.

The development of a regional production and fulfillment hub also aligns with the region’s broader logistics and industrial modernization agenda. By accelerating product customization and shortening delivery windows, eyewa can differentiate itself through superior customer experience and responsive service. The hub is expected to support regional demand growth while enabling better control over quality, costs, and lead times for eyewear products.

Market dynamics, demographics, and future demand

Looking ahead, Boumediene and eyewa anticipate that the Middle East’s rapidly growing and youthful population will sustain robust demand for eyewear. The combination of demographic trends, rising disposable incomes, and increasing e-commerce penetration is expected to continue fueling the market for eyewear products and vision care services. eyewa intends to capitalize on these macro trends by expanding its footprint, deploying advanced technologies to improve customer experiences, and maintaining competitive pricing that makes eyewear accessible to a broad audience.

The company’s Gulf-centric strategy positions it to respond to regional market nuances while remaining cognizant of global competition. By balancing local design and pricing with global manufacturing standards and technology investments, eyewa seeks to sustain its momentum and reach its target of 250 stores by 2025. This expansion, coupled with a focus on customer-centric innovations, could help eyewa establish itself as a leading regional brand in the eyewear sector.

Summary of 2024-2025 outlook

In 2024, eyewa cemented its status as a pivotal player in the region’s eyewear ecosystem through significant store expansion and a high-profile funding round. The leadership underscored a clear path toward 250 stores by the end of 2025, supported by a strategic production and fulfillment hub in Riyadh designed to deliver rapid, customized products to customers. The company’s emphasis on Gulf-focused product design, affordability, and integrated digital experiences positions eyewa for continued growth in a market characterized by young consumers, digital adoption, and evolving retail preferences. eyewa’s trajectory illustrates how regionally tailored strategies, when coupled with global capital, can accelerate expansion while maintaining a strong emphasis on customer satisfaction, innovation, and local relevance.

Key takeaways and implications for the region

• International investor confidence in regional growth models can accelerate expansion plans and validate business strategies tailored to the GCC and broader Middle East market.
• Tech-enabled retail experiences, including AI-driven services and AR-based try-ons, can redefine customer expectations in specialized consumer sectors such as eyewear.
• Localized product design and accessible pricing can enhance brand resonance and market penetration in price-sensitive segments without compromising quality or style.
• A robust talent strategy that fosters internal growth and gender balance supports scalable operations and long-term organizational resilience.

Lean Technologies: Fintech infrastructure and Open Banking momentum in the GCC

Lean Technologies, a leading fintech infrastructure startup in the Middle East, closed 2024 with milestones that underscored its growth, sector influence, and strategic value to the region’s Open Banking and Open Finance agendas. The company operates at the intersection of banks, third-party providers, regulators, and millions of end users, navigating a complex regulatory and technology landscape to deliver essential financial infrastructure and services.

CEO Hisham Al-Falih described 2024 as a year of two standout milestones that encapsulated Lean’s progress and potential. The first milestone, according to Al-Falih, was the Series B funding round of $67.5 million, led by General Catalyst with participation from Bain Capital Ventures, Stanley Druckenmiller, Arbor Ventures, and other top-tier investors. He described the round as not only a capital event but also an endorsement of the region’s potential by a constellation of prominent investors. He stated: “This year, two milestones stand out. The first, and perhaps the most visible, is our Series B funding round of $67.5 million, led by General Catalyst with participation from Bain Capital Ventures, Stanley Druckenmiller, Arbor Ventures, and other top-tier investors.” This funding underscored Lean’s ability to attract capital from globally recognized venture firms and strategic investors who recognize the value of Open Banking and fintech infrastructure in the Middle East.

Al-Falih emphasized that the caliber of investors backing Lean is a reflection of the potential they see in the region. He described the funding as a standout moment for the fintech industry, underscoring the credibility and momentum Lean has built within a rapidly evolving regulatory and digital payments landscape. In his words: “It’s a reflection of the potential they see in the region.” He also highlighted the significance of achieving major milestones in the context of Lean’s relatively early stage, noting: “For a company just over five years old, this is deeply meaningful. It highlights the enduring commitment of the people who helped shape Lean from the beginning and continue to drive its mission forward.”

A strategic focus on Open Banking and Open Finance

Lean operates amid a regulatory environment in which Saudi Arabia and the United Arab Emirates are accelerating Open Banking and Open Finance initiatives. Al-Falih described 2024 as a challenging year in which Lean played a pivotal role in shaping frameworks while maintaining a steadfast commitment to clients and end users. The emphasis on regulatory collaboration and compliance is a core aspect of Lean’s value proposition, ensuring that innovation proceeds in a manner that is secure, reliable, and scalable across financial institutions and consumer-facing platforms.

Lean’s customer-centric approach has been a defining factor in its success. Al-Falih noted that Lean differentiates itself by its unwavering focus on solving the most critical challenges faced by its clients and their end users. This customer-centric stance informs product development, implementation, and long-term roadmap decisions, enabling Lean to stay closely aligned with market needs and regulatory expectations.

The company’s work in the UAE and Saudi Arabia demonstrates how Lean integrates with financial institutions, regulators, and end customers to deliver practical, scalable solutions. In the UAE, Lean’s account-to-account payment solutions processed more than $2 billion in transaction volumes in 2024, enabling streamlined pay-ins and payouts for major companies such as e&, DAMAC, and Careem. In Saudi Arabia, Lean’s data solutions, operating under the Saudi Central Bank’s regulatory sandbox, were leveraged by a growing roster of clients, including Tawuniya, ALJUF, and Salla, as well as Tabby and Tamara, to unlock new use cases in insurance, lending, and marketplaces. These use cases illustrate Lean’s ability to translate regulatory sandbox participation into real-world outcomes that enable banks and fintechs to innovate with confidence.

The culture of excellence: the 3 Spheres of Influence

Lean’s organizational culture is anchored in a framework called the “3 Spheres of Influence,” which emphasizes mastery of craft, collaboration, and integrity. Al-Falih described this philosophy as the driver behind the company’s growth: “These principles encourage our team members to reflect and grow both individually and as part of the Lean team.” He attributed much of Lean’s success to a cultural foundation that fosters high standards, teamwork, and continuous improvement, enabling employees to collaborate with exceptional colleagues, achieve remarkable outcomes, and receive constructive feedback to grow.

The framework serves as a guide for Lean’s operations as it scales across markets and client segments. It informs recruiting, training, and performance governance while reinforcing the company’s mission to enable the next generation of financial innovation. The emphasis on mastery ensures that Lean remains technically proficient in core fintech capabilities, while collaboration and integrity foster a trusted ecosystem with regulators, banks, and non-bank financial institutions.

Practical impact and client use cases

Lean’s impact across the region is tangible in the range of clients and use cases enabled by its infrastructure and services. In Saudi Arabia’s regulatory sandbox environment, Lean’s data solutions have supported insurers and lenders, as well as marketplaces, to unlock new capabilities and improve risk management, customer due diligence, and product offerings. The company’s Saudi-based deployments complement its UAE footprint, creating a cross-border footprint that aligns with the broader vision of a connected, open, and interoperable financial services landscape in the GCC.

Lean’s strategy also emphasizes the importance of deep client integration. By embedding itself within its clients’ businesses, Lean gains a clear understanding of client needs and market dynamics. This proximity enables it to address current challenges while anticipating future opportunities, reinforcing Lean’s role as a trusted enabler for the region’s fintech ecosystem. Al-Falih stressed that Lean’s client-first approach is central to the company’s ability to deliver solutions that scale and endure in a fast-evolving financial services environment.

Looking ahead to 2025: capitalizing on regulatory momentum and expanding impact

As Lean looks to 2025, the company is well-positioned to capitalize on ongoing advances in Open Banking in Saudi Arabia and Open Finance in the UAE. Al-Falih noted that these frameworks represent the culmination of five years of hard work, including lobbying, regulator engagement, and partnerships with banks. The focus for Lean will be to translate regulatory momentum into practical, widely adopted capabilities that benefit banks, fintechs, and end users alike. He articulated a clear priority: to seize the opportunities created by these frameworks and help bring Open Banking and Open Finance to life across the market, ensuring that innovation translates into tangible, scalable financial services.

Beyond regulatory developments, Lean is exploring new ways to enhance financial infrastructure for individuals and small and medium-sized enterprises. Al-Falih reaffirmed Lean’s mission to “enable the next generation of financial innovation,” emphasizing that the momentum built over the past five years provides a strong foundation for scaling operations, broadening product offerings, and delivering measurable impact across the region.

Strategic implications for the GCC fintech landscape

• Lean’s Series B funding signals confidence in the GCC’s fintech infrastructure potential and the region’s capacity to attract global investors who understand the importance of robust, compliant, and scalable financial technology platforms.
• The company’s role in Open Banking and Open Finance discussions highlights the GCC as a testing ground for regulatory-friendly, industry-wide collaboration that accelerates digital payments, data sharing, and consumer empowerment.
• Lean’s client portfolio, including e&, DAMAC, Careem in the UAE and Tawuniya, ALJUF, Salla, Tabby, and Tamara in Saudi Arabia, demonstrates the value of interoperable solutions that cross sector boundaries (telecommunications, real estate, ride-hailing, insurance, and consumer credit) in unlocking new use cases and revenue streams.
• The "3 Spheres of Influence" framework reinforces a culture of excellence, accountability, and continuous learning, contributing to Lean’s ability to attract top talent and partner with leading financial institutions and regulators.

Summary of 2024-2025 outlook

In 2024, Lean Technologies marked a year of milestones, growth, and impact, anchored by a high-profile Series B round and a clear trajectory toward expanding Open Banking and Open Finance adoption. The company’s work in the UAE and Saudi Arabia, supported by regulatory sandbox participation and strong client engagements, demonstrates its role as a catalyst for financial modernization in the GCC. Looking ahead, Lean aims to consolidate its market position by continuing to scale its platform, deepen regulatory collaboration, expand its ecosystem of partners, and empower the next generation of financial innovation across the region.

Conclusion

The stories of eyewa and Lean Technologies in 2024 illustrate two complementary paths to regional leadership in the GCC’s vibrant startup ecosystem. eyewa leveraged rapid store expansion, customer-focused innovation, and a Gulf-centric product and pricing strategy to redefine eyewear retail in the Middle East, supported by a landmark $100 million funding round led by General Atlantic. Its commitment to leveraging technology to enhance the customer journey — including AI-assisted eye exams and AR try-ons — positions it for continued growth and a bold expansion plan that includes a Riyadh production and fulfillment hub capable of delivering bespoke eyewear within 24 hours.

Lean Technologies, by contrast, demonstrated how fintech infrastructure and Open Banking/Open Finance initiatives can reshape financial services by connecting banks, non-bank providers, and regulators with end users. The Series B round—backed by General Catalyst and a slate of high-profile investors—validated Lean’s strategic model and its focus on customer-centric solutions in a regulatory-driven environment. Its work in the UAE and Saudi Arabia, including substantial cross-market transactions and sandbox-enabled deployments, underscores the value of interoperable platforms and collaborative governance in accelerating digital payments and data-driven financial services. The company’s cultural framework, anchored by the 3 Spheres of Influence, reflects a commitment to mastery, collaboration, and integrity that supports sustainable growth and long-term impact.

Together, eyewa and Lean Technologies highlight how regional businesses can attract global capital, drive innovation, and contribute to a broader narrative of economic diversification and digital transformation in the Middle East. eyewa’s emphasis on accessible, regionally resonant eyewear combined with Lean’s focus on open, scalable financial infrastructure demonstrates how diverse sectors can thrive when supported by strategic funding, customer-centric design, and a collaborative regulatory environment. As both companies continue to execute their ambitious visions, they serve as influential case studies for the GCC’s ongoing evolution into a hub of high-growth startups and a thriving ecosystem for regional and international investors alike.